Healthcare of Ontario Pension Plan Trust Fund Sells 4,712 Shares of Phillips 66 (NYSE:PSX)

Posted by on Mar 1st, 2023

Healthcare of Ontario Pension Plan Trust Fund lessened its position in Phillips 66 (NYSE:PSX – Get Rating) by 38.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,514 shares of the oil and gas company’s stock after selling 4,712 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Phillips 66 were worth $607,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Hallmark Capital Management Inc. boosted its holdings in Phillips 66 by 62.5% in the third quarter. Hallmark Capital Management Inc. now owns 325 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 125 shares in the last quarter. Worth Asset Management LLC purchased a new stake in shares of Phillips 66 during the first quarter valued at approximately $32,000. Horan Securities Inc. increased its position in shares of Phillips 66 by 210.6% during the third quarter. Horan Securities Inc. now owns 351 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 238 shares during the last quarter. Core Alternative Capital increased its position in Phillips 66 by 218.3% in the third quarter. Core Alternative Capital now owns 366 shares of the oil and gas company’s stock worth $30,000 after buying an additional 251 shares during the last quarter. Finally, Heritage Wealth Management LLC purchased a new stake in Phillips 66 in the second quarter worth $37,000. Institutional investors and hedge funds own 70.76% of the company’s stock.

Phillips 66 Trading Down 1.1 %

Shares of PSX stock opened at $102.56 on Wednesday. Phillips 66 has a 52-week low of $73.85 and a 52-week high of $113.53. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.17 and a current ratio of 1.38. The firm has a market capitalization of $47.58 billion, a PE ratio of 4.47, a PEG ratio of 0.35 and a beta of 1.39. The stock has a fifty day simple moving average of $103.29 and a two-hundred day simple moving average of $98.63.

Phillips 66 (NYSE:PSX – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.35). Phillips 66 had a return on equity of 31.20% and a net margin of 6.27%. The business had revenue of $40.91 billion during the quarter, compared to analysts’ expectations of $34.30 billion. During the same quarter in the previous year, the company posted $2.94 EPS. On average, analysts predict that Phillips 66 will post 15.25 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 21st will be issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Friday, February 17th. This is an increase from Phillips 66’s previous quarterly dividend of $0.97. Phillips 66’s dividend payout ratio is 18.30%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Gregory Hayes purchased 10,250 shares of the stock in a transaction that occurred on Thursday, February 2nd. The stock was purchased at an average price of $97.75 per share, with a total value of $1,001,937.50. Following the acquisition, the director now owns 14,299 shares in the company, valued at $1,397,727.25. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.74% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of several recent research reports. StockNews.com upgraded Phillips 66 from a “hold” rating to a “buy” rating in a research report on Wednesday. Wells Fargo & Company dropped their price target on Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. Raymond James lifted their price target on Phillips 66 from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, January 13th. Royal Bank of Canada lifted their price objective on Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a report on Wednesday, February 8th. Finally, Cowen boosted their price target on Phillips 66 to $115.00 in a report on Tuesday, November 15th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $120.07.

About Phillips 66

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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