Archer Investment Corp Has $142,000 Stock Position in Phillips 66 (NYSE:PSX)

Archer Investment Corp increased its position in Phillips 66 (NYSE:PSX) by 91.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,006 shares of the oil and gas company’s stock after purchasing an additional 480 shares during the quarter. Archer Investment Corp’s holdings in Phillips 66 were worth $142,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Founders Financial Securities LLC increased its position in Phillips 66 by 14.6% in the second quarter. Founders Financial Securities LLC now owns 3,659 shares of the oil and gas company’s stock worth $517,000 after purchasing an additional 466 shares during the period. Midland Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $305,000. Legacy Capital Wealth Partners LLC acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $432,000. Autumn Glory Partners LLC grew its position in shares of Phillips 66 by 21.1% during the 2nd quarter. Autumn Glory Partners LLC now owns 5,740 shares of the oil and gas company’s stock worth $810,000 after buying an additional 1,000 shares during the period. Finally, Adell Harriman & Carpenter Inc. grew its position in shares of Phillips 66 by 3.4% during the 2nd quarter. Adell Harriman & Carpenter Inc. now owns 93,428 shares of the oil and gas company’s stock worth $13,189,000 after buying an additional 3,042 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Down 2.0 %

NYSE PSX opened at $132.29 on Thursday. The stock has a market capitalization of $55.37 billion, a price-to-earnings ratio of 10.18, a PEG ratio of 2.53 and a beta of 1.33. The stock’s 50 day moving average price is $137.63 and its two-hundred day moving average price is $145.05. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the previous year, the business posted $3.87 EPS. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, analysts anticipate that Phillips 66 will post 9.25 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date was Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Argus restated a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research report on Thursday, May 30th. Scotiabank decreased their target price on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Piper Sandler cut their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Wolfe Research initiated coverage on Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Wells Fargo & Company lifted their price objective on Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $157.85.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.22% of the company’s stock.

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.