Abich Financial Wealth Management LLC Boosts Stock Position in Phillips 66 (NYSE:PSX)

Abich Financial Wealth Management LLC lifted its stake in Phillips 66 (NYSE:PSX) by 4,265.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,266 shares of the oil and gas company’s stock after acquiring an additional 1,237 shares during the period. Abich Financial Wealth Management LLC’s holdings in Phillips 66 were worth $179,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in PSX. Crewe Advisors LLC purchased a new position in Phillips 66 during the 1st quarter valued at about $25,000. Keener Financial Planning LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at $26,000. Strategic Financial Concepts LLC bought a new position in shares of Phillips 66 in the second quarter worth $26,000. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of Phillips 66 in the fourth quarter worth $27,000. Finally, Redmont Wealth Advisors LLC bought a new stake in Phillips 66 during the first quarter valued at $28,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. decreased their target price on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Argus reaffirmed a “buy” rating and issued a $167.00 target price on shares of Phillips 66 in a research note on Thursday, May 30th. Scotiabank cut their price target on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Barclays raised their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Morgan Stanley cut their target price on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $154.21.

Phillips 66 Stock Down 1.2 %

PSX opened at $129.52 on Wednesday. The company has a market cap of $54.21 billion, a P/E ratio of 9.96, a P/E/G ratio of 5.26 and a beta of 1.33. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The business’s 50-day moving average price is $134.81 and its 200-day moving average price is $143.38. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The firm had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.87 earnings per share. On average, equities analysts expect that Phillips 66 will post 8.31 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.55%. Phillips 66’s dividend payout ratio is currently 35.38%.

Phillips 66 Company Profile

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.