Congress Wealth Management LLC DE Raises Stake in Phillips 66 (NYSE:PSX)

Congress Wealth Management LLC DE boosted its stake in Phillips 66 (NYSE:PSX) by 6.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 66,758 shares of the oil and gas company’s stock after purchasing an additional 3,986 shares during the period. Congress Wealth Management LLC DE’s holdings in Phillips 66 were worth $10,904,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Morgan Stanley boosted its holdings in Phillips 66 by 2.1% in the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock valued at $813,291,000 after purchasing an additional 138,646 shares during the last quarter. Norges Bank acquired a new stake in Phillips 66 during the 4th quarter valued at approximately $559,435,000. Boston Partners increased its holdings in Phillips 66 by 962.0% during the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after purchasing an additional 3,494,878 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Phillips 66 by 9.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,702,734 shares of the oil and gas company’s stock valued at $492,974,000 after purchasing an additional 315,889 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PSX shares. JPMorgan Chase & Co. lifted their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Raymond James cut their target price on shares of Phillips 66 from $163.00 to $160.00 and set an “outperform” rating on the stock in a research note on Thursday, May 30th. TD Cowen decreased their price target on Phillips 66 from $164.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, June 21st. Wells Fargo & Company upped their price objective on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Finally, Scotiabank lifted their target price on Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $157.43.

Phillips 66 Stock Performance

Shares of PSX opened at $140.93 on Tuesday. The company has a market cap of $59.75 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 2.12 and a beta of 1.34. The firm has a fifty day moving average of $142.91 and a 200-day moving average of $144.83. Phillips 66 has a 1 year low of $94.51 and a 1 year high of $174.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The business had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. During the same quarter in the prior year, the business earned $4.21 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 11.08 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Monday, May 20th were paid a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date was Friday, May 17th. Phillips 66’s payout ratio is currently 35.38%.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.