MV Capital Management Inc. Decreases Stock Position in Phillips 66 (NYSE:PSX)

Posted by Defense World Staff on Apr 10th, 2023

MV Capital Management Inc. decreased its holdings in shares of Phillips 66 (NYSE:PSX – Get Rating) by 23.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 787 shares of the oil and gas company’s stock after selling 246 shares during the period. MV Capital Management Inc.’s holdings in Phillips 66 were worth $82,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of PSX. Vanguard Group Inc. grew its position in Phillips 66 by 1.9% during the 3rd quarter. Vanguard Group Inc. now owns 50,644,106 shares of the oil and gas company’s stock worth $4,087,993,000 after purchasing an additional 966,125 shares during the last quarter. State Street Corp lifted its stake in shares of Phillips 66 by 1.1% during the third quarter. State Street Corp now owns 33,013,657 shares of the oil and gas company’s stock worth $2,664,862,000 after buying an additional 345,132 shares during the period. Wellington Management Group LLP grew its holdings in shares of Phillips 66 by 62.1% during the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock valued at $620,979,000 after buying an additional 2,753,700 shares during the last quarter. Northern Trust Corp increased its position in shares of Phillips 66 by 4.0% in the 1st quarter. Northern Trust Corp now owns 5,014,505 shares of the oil and gas company’s stock valued at $433,203,000 after acquiring an additional 192,451 shares during the period. Finally, Legal & General Group Plc lifted its position in Phillips 66 by 12.0% during the 2nd quarter. Legal & General Group Plc now owns 3,843,576 shares of the oil and gas company’s stock worth $315,135,000 after acquiring an additional 413,085 shares during the period. Hedge funds and other institutional investors own 70.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSX shares. UBS Group began coverage on shares of Phillips 66 in a report on Wednesday, March 8th. They issued a “buy” rating and a $139.00 price target on the stock. JPMorgan Chase & Co. raised their target price on shares of Phillips 66 from $112.00 to $120.00 and gave the stock an “overweight” rating in a report on Tuesday, March 28th. Morgan Stanley boosted their target price on shares of Phillips 66 from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Friday, January 20th. Royal Bank of Canada increased their price target on Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Finally, StockNews.com upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, April 4th. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $121.80.

Phillips 66 Stock Down 1.5 %

Shares of NYSE PSX opened at $102.84 on Monday. The firm has a market cap of $47.71 billion, a price-to-earnings ratio of 4.48, a price-to-earnings-growth ratio of 0.34 and a beta of 1.38. The company’s 50-day simple moving average is $100.68 and its 200-day simple moving average is $100.93. The company has a quick ratio of 1.17, a current ratio of 1.38 and a debt-to-equity ratio of 0.49. Phillips 66 has a 52-week low of $74.02 and a 52-week high of $113.53.

Phillips 66 (NYSE:PSX – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The oil and gas company reported $4.00 EPS for the quarter, missing the consensus estimate of $4.35 by ($0.35). Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. The firm had revenue of $40.91 billion during the quarter, compared to analyst estimates of $34.30 billion. During the same period in the prior year, the company posted $2.94 earnings per share. Equities analysts predict that Phillips 66 will post 15.88 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Tuesday, February 21st were paid a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a yield of 4.08%. The ex-dividend date was Friday, February 17th. This is a boost from Phillips 66’s previous quarterly dividend of $0.97. Phillips 66’s dividend payout ratio is currently 18.30%.

Insider Buying and Selling at Phillips 66

In related news, Director Gregory Hayes bought 10,250 shares of the stock in a transaction dated Thursday, February 2nd. The shares were acquired at an average cost of $97.75 per share, for a total transaction of $1,001,937.50. Following the acquisition, the director now directly owns 14,299 shares in the company, valued at approximately $1,397,727.25. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.57% of the stock is owned by insiders.

Phillips 66 Company Profile

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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.