Old North State Trust LLC Invests $201,000 in Phillips 66 (NYSE:PSX)

Old North State Trust LLC purchased a new stake in Phillips 66 (NYSE:PSX) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor purchased 1,531 shares of the oil and gas company’s stock, valued at approximately $201,000.

Other hedge funds have also recently modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA increased its position in shares of Phillips 66 by 74.2% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 3,287 shares of the oil and gas company’s stock valued at $459,000 after buying an additional 1,400 shares in the last quarter. Silver Lake Advisory LLC purchased a new position in Phillips 66 during the second quarter worth approximately $280,000. Valley National Advisers Inc. boosted its position in shares of Phillips 66 by 18.9% during the 2nd quarter. Valley National Advisers Inc. now owns 1,105 shares of the oil and gas company’s stock valued at $155,000 after acquiring an additional 176 shares during the last quarter. Miracle Mile Advisors LLC grew its stake in shares of Phillips 66 by 2.1% in the 2nd quarter. Miracle Mile Advisors LLC now owns 23,294 shares of the oil and gas company’s stock valued at $3,288,000 after buying an additional 473 shares during the period. Finally, Old Port Advisors grew its position in Phillips 66 by 8.7% in the second quarter. Old Port Advisors now owns 1,650 shares of the oil and gas company’s stock worth $233,000 after acquiring an additional 132 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on PSX shares. JPMorgan Chase & Co. decreased their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Wells Fargo & Company dropped their target price on shares of Phillips 66 from $167.00 to $161.00 and set an “overweight” rating on the stock in a research report on Monday. Piper Sandler set a $144.00 target price on shares of Phillips 66 in a research note on Thursday, October 17th. Mizuho lowered their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Barclays decreased their price objective on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $149.23.

Phillips 66 Stock Performance

Shares of PSX opened at $123.99 on Friday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12 month low of $119.77 and a 12 month high of $174.08. The company’s fifty day moving average is $130.18 and its 200-day moving average is $134.05. The firm has a market cap of $51.21 billion, a price-to-earnings ratio of 15.92, a price-to-earnings-growth ratio of 4.14 and a beta of 1.35.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.63 earnings per share. Equities analysts expect that Phillips 66 will post 7.56 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Monday, November 18th. Phillips 66’s dividend payout ratio is currently 59.05%.

Phillips 66 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.