Cornerstone Wealth Management LLC Boosts Holdings in Phillips 66 (NYSE:PSX)

Cornerstone Wealth Management LLC boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 10.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,000 shares of the oil and gas company’s stock after acquiring an additional 686 shares during the period. Cornerstone Wealth Management LLC’s holdings in Phillips 66 were worth $798,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. nVerses Capital LLC acquired a new position in shares of Phillips 66 during the 3rd quarter worth approximately $26,000. Values First Advisors Inc. purchased a new position in Phillips 66 during the third quarter worth $30,000. Point72 Hong Kong Ltd acquired a new position in shares of Phillips 66 in the third quarter worth $40,000. Sugar Maple Asset Management LLC purchased a new stake in shares of Phillips 66 in the fourth quarter valued at $47,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Phillips 66 in the second quarter valued at $51,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $121.82 on Friday. The business has a 50-day moving average of $121.63 and a two-hundred day moving average of $129.10. The firm has a market capitalization of $50.31 billion, a PE ratio of 15.64, a P/E/G ratio of 3.78 and a beta of 1.38. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. Phillips 66 has a 12 month low of $108.90 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last posted 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 firm had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The company’s revenue was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.63 EPS. As a group, research analysts forecast that Phillips 66 will post 6.41 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Scotiabank cut their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. UBS Group cut their price objective 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. Barclays reduced their price objective on shares of Phillips 66 from $124.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, January 13th. Wolfe Research raised shares of Phillips 66 from a “peer perform” rating to an “outperform” rating and set a $143.00 target price for the company in a research note on Friday, January 3rd. Finally, Piper Sandler lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $147.93.

Phillips 66 Company 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.