Elevation Point Wealth Partners LLC Buys 4,248 Shares of Phillips 66 $PSX

Elevation Point Wealth Partners LLC grew its stake in shares of Phillips 66 (NYSE:PSX) by 40.1% during the first quarter, HoldingsChannel.com reports. The fund owned 14,846 shares of the oil and gas company’s stock after buying an additional 4,248 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in Phillips 66 were worth $2,705,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Phillips 66 in the 1st quarter worth $1,080,000. Patten Group Inc. boosted its position in Phillips 66 by 1.1% in the first quarter. Patten Group Inc. now owns 7,541 shares of the oil and gas company’s stock worth $1,374,000 after purchasing an additional 84 shares during the last quarter. Strs Ohio grew its stake in shares of Phillips 66 by 4.8% during the 1st quarter. Strs Ohio now owns 265,739 shares of the oil and gas company’s stock valued at $48,412,000 after purchasing an additional 12,086 shares during the period. Root Financial Partners LLC increased its position in shares of Phillips 66 by 102.0% during the 1st quarter. Root Financial Partners LLC now owns 2,859 shares of the oil and gas company’s stock valued at $521,000 after purchasing an additional 1,444 shares during the last quarter. Finally, Petros Family Wealth LLC increased its holdings in Phillips 66 by 16.5% during the first quarter. Petros Family Wealth LLC now owns 8,642 shares of the oil and gas company’s stock valued at $1,574,000 after buying an additional 1,226 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $176.40 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $190.61. The company has a market capitalization of $70.72 billion, a P/E ratio of 17.38, a P/E/G ratio of 0.24 and a beta of 0.69. The firm’s 50 day simple moving average is $174.43 and its two-hundred day simple moving average is $161.15.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company’s revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted ($0.90) earnings per share. Research analysts expect that Phillips 66 will post 19.27 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.9%. Phillips 66’s dividend payout ratio is currently 50.05%.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent research reports. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Jefferies Financial Group upped their price objective on Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. UBS Group reiterated a “buy” rating and set a $212.00 target price on shares of Phillips 66 in a research report on Monday, June 15th. Finally, BMO Capital Markets boosted their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $192.72.

Phillips 66 Company 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.