BNC Wealth Management LLC Makes New $204,000 Investment in Phillips 66 (NYSE:PSX)

BNC Wealth Management LLC purchased a new position in Phillips 66 (NYSE:PSX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,649 shares of the oil and gas company’s stock, valued at approximately $204,000.

A number of other large investors have also bought and sold shares of PSX. Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after buying an additional 4,455,220 shares during the last quarter. Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $497,648,000. Raymond James Financial Inc. acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $142,185,000. Finally, GAMMA Investing LLC grew its holdings in shares of Phillips 66 by 14,119.5% during the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company’s stock valued at $146,893,000 after buying an additional 1,181,240 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PSX shares. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a report on Wednesday. Barclays lifted their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Mizuho boosted their price target on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Finally, Raymond James cut their price target on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $135.46.

Phillips 66 Stock Up 0.6%

Phillips 66 stock opened at $122.20 on Friday. The stock has a market cap of $49.79 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 4.84 and a beta of 1.02. 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 fifty-two week low of $91.01 and a fifty-two week high of $150.12. The firm’s 50-day simple moving average is $109.84 and its 200 day simple moving average is $117.57.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same period in the prior year, the firm posted $1.90 EPS. Research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $1.20 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. This represents a $4.80 annualized dividend and a yield of 3.93%. Phillips 66’s payout ratio is currently 109.34%.

Insiders Place Their Bets

In related news, Director Robert W. Pease acquired 439 shares of the stock in a transaction on Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the transaction, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. The trade was a 12.02% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.22% of the company’s stock.

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.