NorthCrest Asset Management boosts Phillips 66 stake by 14.8% amid strong earnings and dividend hike.

NorthCrest Asset Management increased its holdings in Phillips 66 by 14.8% in Q4, owning 27,068 shares valued at $3.79 million. Phillips 66 recently reported better-than-expected earnings and raised its quarterly dividend to $1.27 per share, reflecting strong cash flow and refining margins. Despite significant insider selling, analyst sentiment remains generally positive with several upgrades and a consensus price target of $162.33. The company’s stock trades near its 12-month high, supported by favorable market conditions and strategic financial moves like a new $2.25 billion term loan for liquidity.