WASHINGTON TRUST Co Makes New $300,000 Investment in Phillips 66 (NYSE:PSX)
WASHINGTON TRUST Co acquired a new position in Phillips 66 (NYSE:PSX) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 5,576 shares of the oil and gas company’s stock, valued at approximately $300,000.
Other large investors have also made changes to their positions in the company. AE Wealth Management LLC increased its stake in shares of Phillips 66 by 12.1% in the 4th quarter. AE Wealth Management LLC now owns 21,255 shares of the oil and gas company’s stock valued at $2,368,000 after acquiring an additional 2,293 shares in the last quarter. Cerebellum GP LLC grew its holdings in Phillips 66 by 954.5% in the fourth quarter. Cerebellum GP LLC now owns 4,798 shares of the oil and gas company’s stock worth $535,000 after purchasing an additional 4,343 shares during the period. Nisa Investment Advisors LLC grew its holdings in Phillips 66 by 2.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 225,584 shares of the oil and gas company’s stock worth $25,132,000 after purchasing an additional 5,550 shares during the period. Manchester Financial Inc. bought a new stake in Phillips 66 in the fourth quarter valued at $38,000. Finally, Clean Yield Group raised its holdings in shares of Phillips 66 by 942.1% during the fourth quarter. Clean Yield Group now owns 990 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 895 shares during the period. 70.00% of the stock is currently owned by institutional investors.
A number of analysts recently commented on the company. Mizuho raised Phillips 66 from a “neutral” rating to a “buy” rating and set a $95.00 target price for the company in a research report on Monday, May 4th. JPMorgan Chase & Co. raised their price objective on Phillips 66 from $73.00 to $77.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. ValuEngine lowered Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, May 8th. Piper Sandler cut their target price on Phillips 66 from $139.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Morgan Stanley upped their price objective on shares of Phillips 66 from $68.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating and seventeen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $89.00.
Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, May 1st. The oil and gas company reported $1.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.63 by $0.39. The firm had revenue of $21.24 billion for the quarter, compared to the consensus estimate of $22.04 billion. Phillips 66 had a return on equity of 14.90% and a net margin of 0.35%. During the same quarter in the previous year, the business earned $0.40 EPS. As a group, analysts predict that Phillips 66 will post 2.3 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be given a $0.90 dividend. The ex-dividend date is Friday, May 15th. This represents a $3.60 annualized dividend and a yield of 5.08%. Phillips 66’s dividend payout ratio is currently 44.72%.
In related news, Director Gary Kramer Adams purchased 1,250 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were bought at an average price of $76.40 per share, with a total value of $95,500.00. Following the acquisition, the director now owns 10,213 shares of the company’s stock, valued at approximately $780,273.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John E. Lowe acquired 1,000 shares of Phillips 66 stock in a transaction on Monday, March 2nd. The shares were purchased at an average cost of $74.93 per share, with a total value of $74,930.00. The disclosure for this purchase can be found here. Insiders acquired a total of 4,250 shares of company stock valued at $323,850 in the last 90 days. Corporate insiders own 0.63% of the company’s stock.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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