Kingsview Wealth Management LLC Has $8.71 Million Stake in Phillips 66 $PSX

Kingsview Wealth Management LLC grew its holdings in shares of Phillips 66 (NYSE:PSX) by 50.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,042 shares of the oil and gas company’s stock after acquiring an additional 21,458 shares during the period. Kingsview Wealth Management LLC’s holdings in Phillips 66 were worth $8,711,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Mesirow Financial Investment Management Inc. boosted its position in shares of Phillips 66 by 0.5% during the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company’s stock valued at $2,130,000 after purchasing an additional 73 shares in the last quarter. Heck Capital Advisors LLC boosted its holdings in shares of Phillips 66 by 1.2% during the 3rd quarter. Heck Capital Advisors LLC now owns 6,124 shares of the oil and gas company’s stock worth $833,000 after buying an additional 75 shares in the last quarter. Portside Wealth Group LLC boosted its holdings in shares of Phillips 66 by 3.8% during the 3rd quarter. Portside Wealth Group LLC now owns 2,033 shares of the oil and gas company’s stock worth $277,000 after buying an additional 75 shares in the last quarter. Cobblestone Capital Advisors LLC NY grew its position in shares of Phillips 66 by 0.4% during the 3rd quarter. Cobblestone Capital Advisors LLC NY now owns 16,926 shares of the oil and gas company’s stock worth $2,302,000 after buying an additional 75 shares during the period. Finally, Welch & Forbes LLC increased its stake in shares of Phillips 66 by 1.1% in the 3rd quarter. Welch & Forbes LLC now owns 7,123 shares of the oil and gas company’s stock valued at $969,000 after acquiring an additional 76 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the transaction, the executive vice president owned 38,488 shares in the company, valued at $6,158,080. This represents a 16.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 16,288 shares of company stock valued at $2,496,230. 0.22% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PSX has been the topic of several research analyst reports. Wells Fargo & Company increased their target price on shares of Phillips 66 from $162.00 to $163.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Wolfe Research upped their price objective on shares of Phillips 66 from $159.00 to $164.00 and gave the company an “outperform” rating in a report on Monday, January 26th. The Goldman Sachs Group raised their target price on Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research note on Thursday, January 22nd. TD Cowen reaffirmed a “buy” rating on shares of Phillips 66 in a research note on Friday, February 6th. Finally, Scotiabank reiterated a “sector perform” rating and issued a $140.00 price target on shares of Phillips 66 in a report on Friday, January 16th. Eleven investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 has a consensus rating of “Hold” and a consensus target price of $160.11.

Phillips 66 Stock Performance

NYSE PSX opened at $160.17 on Tuesday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $163.79. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The firm has a market cap of $64.19 billion, a price-to-earnings ratio of 14.80, a PEG ratio of 0.54 and a beta of 0.86. The company has a fifty day moving average price of $144.67 and a 200-day moving average price of $137.64.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. During the same period last year, the firm earned ($0.15) earnings per share. As a group, equities research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, February 23rd. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. Phillips 66’s dividend payout ratio (DPR) is presently 46.95%.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.