1,542 Shares in Phillips 66 (NYSE:PSX) Purchased by Meridian Wealth Management LLC

Meridian Wealth Management LLC acquired a new stake in Phillips 66 (NYSE:PSX) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,542 shares of the oil and gas company’s stock, valued at approximately $203,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its holdings in Phillips 66 by 12.7% during the first quarter. Lazard Asset Management LLC now owns 3,998 shares of the oil and gas company’s stock worth $652,000 after acquiring an additional 451 shares during the period. Caxton Associates LP increased its holdings in shares of Phillips 66 by 22.2% in the 1st quarter. Caxton Associates LP now owns 5,630 shares of the oil and gas company’s stock valued at $920,000 after purchasing an additional 1,024 shares in the last quarter. Silvercrest Asset Management Group LLC lifted its stake in shares of Phillips 66 by 1.6% in the first quarter. Silvercrest Asset Management Group LLC now owns 20,955 shares of the oil and gas company’s stock valued at $3,423,000 after purchasing an additional 325 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in Phillips 66 by 15.4% during the first quarter. B. Riley Wealth Advisors Inc. now owns 38,175 shares of the oil and gas company’s stock worth $6,236,000 after buying an additional 5,089 shares in the last quarter. Finally, Beacon Capital Management LLC grew its position in Phillips 66 by 75.5% during the first quarter. Beacon Capital Management LLC now owns 509 shares of the oil and gas company’s stock worth $83,000 after buying an additional 219 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Ratings Changes

PSX has been the subject of a number of research analyst reports. Wells Fargo & Company dropped their price target on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. UBS Group dropped their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Piper Sandler set a $144.00 price objective on Phillips 66 in a report on Thursday, October 17th. Morgan Stanley reduced their target price on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average target price of $149.69.

Phillips 66 Trading Up 0.0 %

Shares of PSX stock opened at $133.33 on Tuesday. The stock has a market cap of $55.06 billion, a price-to-earnings ratio of 17.12, a P/E/G ratio of 4.40 and a beta of 1.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. Phillips 66 has a 52-week low of $117.32 and a 52-week high of $174.08. The firm has a fifty day moving average of $130.40 and a 200-day moving average of $135.17.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The business 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%. Phillips 66’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.63 EPS. On average, equities research analysts forecast that Phillips 66 will post 7.57 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 2nd. Stockholders of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.45%. Phillips 66’s dividend payout ratio is presently 59.05%.

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.