Red Cedar Investment Management LLC Makes New Investment in Phillips 66 (NYSE:PSX)

Red Cedar Investment Management LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,448 shares of the oil and gas company’s stock, valued at approximately $992,000.

Several other large investors have also modified their holdings of PSX. Cardinal Capital Management raised its stake in shares of Phillips 66 by 0.3% in the fourth quarter. Cardinal Capital Management now owns 23,312 shares of the oil and gas company’s stock worth $3,104,000 after acquiring an additional 77 shares during the last quarter. Aaron Wealth Advisors LLC boosted its position in Phillips 66 by 3.6% in the 4th quarter. Aaron Wealth Advisors LLC now owns 2,340 shares of the oil and gas company’s stock valued at $312,000 after buying an additional 82 shares during the last quarter. Benjamin Edwards Inc. increased its stake in shares of Phillips 66 by 3.9% in the 4th quarter. Benjamin Edwards Inc. now owns 2,271 shares of the oil and gas company’s stock valued at $302,000 after buying an additional 85 shares during the period. Cornerstone Wealth Management LLC raised its position in shares of Phillips 66 by 1.3% during the fourth quarter. Cornerstone Wealth Management LLC now owns 6,495 shares of the oil and gas company’s stock worth $865,000 after acquiring an additional 86 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its position in shares of Phillips 66 by 0.4% during the fourth quarter. Stratos Wealth Partners LTD. now owns 22,214 shares of the oil and gas company’s stock worth $2,958,000 after acquiring an additional 90 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Mizuho dropped their price objective on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a report on Friday, April 12th. StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday, April 27th. Piper Sandler upped their target price on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. JPMorgan Chase & Co. raised their price target on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Finally, Bank of America upped their price objective on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $157.43.

Insider Activity

In related news, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Robert W. Pease bought 682 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average cost of $146.58 per share, with a total value of $99,967.56. Following the acquisition, the director now directly owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the sale, the executive vice president now owns 24,941 shares in the company, valued at $3,648,120.07. The disclosure for this sale can be found here. Insiders have sold 35,056 shares of company stock worth $5,272,681 over the last ninety days. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Down 0.2 %

PSX traded down $0.26 during trading on Friday, reaching $143.61. The company had a trading volume of 1,806,203 shares, compared to its average volume of 2,353,122. The company has a market cap of $60.88 billion, a P/E ratio of 11.05, a PEG ratio of 1.82 and a beta of 1.41. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 1.02. The business’s fifty day moving average price is $155.55 and its 200 day moving average price is $138.03.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same period in the prior year, the firm posted $4.21 earnings per share. Equities analysts anticipate that Phillips 66 will post 13.17 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.20%. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s dividend payout ratio (DPR) is currently 32.31%.

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.