Ignite Planners LLC Invests $239,000 in Phillips 66 $PSX

Ignite Planners LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,895 shares of the oil and gas company’s stock, valued at approximately $239,000.

A number of other institutional investors have also modified their holdings of the stock. Wolff Wiese Magana LLC increased its holdings in Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 82 shares during the period. von Borstel & Associates Inc. purchased a new position in Phillips 66 during the first quarter valued at approximately $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 during the first quarter valued at approximately $28,000. Opal Wealth Advisors LLC purchased a new position in Phillips 66 during the first quarter valued at approximately $29,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 0.8%

PSX opened at $131.31 on Thursday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $142.35. The company has a market cap of $53.07 billion, a PE ratio of 31.56, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $129.21 and a 200 day moving average price of $120.58.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The company had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter in the prior year, the company earned $2.31 EPS. Sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66’s payout ratio is 115.38%.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Michael A. Heim purchased 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 9,850 shares of company stock valued at $1,188,910. Insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on PSX. Morgan Stanley upped their price target on Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Friday, October 3rd. Jefferies Financial Group upped their price target on Phillips 66 from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Monday, September 15th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Bank of America downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 26th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $140.50.

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.