Pinnacle Associates Ltd. Has $4.66 Million Position in Phillips 66 (NYSE:PSX)

Pinnacle Associates Ltd. boosted its holdings in Phillips 66 (NYSE:PSX) by 0.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 34,961 shares of the oil and gas company’s stock after acquiring an additional 306 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Phillips 66 were worth $4,655,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PSX. Mitchell & Pahl Private Wealth LLC raised its holdings in shares of Phillips 66 by 0.4% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock worth $2,519,000 after buying an additional 74 shares in the last quarter. Catalyst Financial Partners LLC lifted its holdings in shares of Phillips 66 by 5.1% during the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock valued at $214,000 after acquiring an additional 74 shares during the period. Advisory Alpha LLC lifted its holdings in shares of Phillips 66 by 4.8% during the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock valued at $233,000 after acquiring an additional 76 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Phillips 66 by 1.8% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company’s stock valued at $616,000 after purchasing an additional 77 shares in the last quarter. Finally, Atomi Financial Group Inc. grew its holdings in shares of Phillips 66 by 1.5% in the 1st quarter. Atomi Financial Group Inc. now owns 5,452 shares of the oil and gas company’s stock worth $890,000 after purchasing an additional 80 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $121.82 on Friday. The firm has a market cap of $50.99 billion, a price-to-earnings ratio of 15.64, a PEG ratio of 5.47 and a beta of 1.33. Phillips 66 has a 12 month low of $110.54 and a 12 month high of $174.08. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The stock has a 50-day moving average price of $131.58 and a 200 day moving average price of $138.09.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. During the same quarter in the previous year, the company earned $4.63 EPS. Phillips 66’s revenue was down 10.3% on a year-over-year basis. Research analysts expect that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is currently 59.05%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.22% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on PSX. Mizuho cut their price target on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Scotiabank reduced their target price on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wolfe Research began coverage on Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. TD Cowen cut their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Finally, Piper Sandler set a $144.00 target price on Phillips 66 in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $151.42.

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.