Harvest Portfolios Group Inc. decreased its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 6.0% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 16,364 shares of the oil and gas company’s stock after selling 1,051 shares during the period. Harvest Portfolios Group Inc.’s holdings in Phillips 66 were worth $1,659,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC lifted its position in Phillips 66 by 16.2% in the first quarter. CWA Asset Management Group LLC now owns 5,750 shares of the oil and gas company’s stock valued at $583,000 after purchasing an additional 802 shares during the period. Cypress Capital Group grew its stake in Phillips 66 by 12.8% in the 1st quarter. Cypress Capital Group now owns 63,778 shares of the oil and gas company’s stock worth $6,466,000 after acquiring an additional 7,245 shares during the period. Equitable Trust Co. grew its stake in Phillips 66 by 185.7% in the 4th quarter. Equitable Trust Co. now owns 16,100 shares of the oil and gas company’s stock worth $1,676,000 after acquiring an additional 10,464 shares during the period. Centric Wealth Management grew its stake in Phillips 66 by 9.6% in the 1st quarter. Centric Wealth Management now owns 21,931 shares of the oil and gas company’s stock worth $2,223,000 after acquiring an additional 1,914 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in Phillips 66 by 13.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 79,891 shares of the oil and gas company’s stock worth $8,315,000 after acquiring an additional 9,528 shares during the period. Institutional investors and hedge funds own 71.83% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have commented on PSX shares. StockNews.com started coverage on shares of Phillips 66 in a research note on Thursday, August 17th. They issued a “hold” rating for the company. TD Cowen upgraded shares of Phillips 66 from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $110.00 to $123.00 in a report on Thursday, June 1st. The Goldman Sachs Group lifted their price target on shares of Phillips 66 from $125.00 to $141.00 and gave the company a “buy” rating in a report on Friday, September 1st. Mizuho lifted their target price on shares of Phillips 66 from $118.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, August 16th. Finally, Argus lifted their target price on shares of Phillips 66 from $125.00 to $134.00 and gave the company a “buy” rating in a report on Monday, August 14th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $129.47.
Insiders Place Their Bets
In other Phillips 66 news, EVP Timothy D. Roberts sold 12,970 shares of Phillips 66 stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $124.41, for a total value of $1,613,597.70. Following the transaction, the executive vice president now owns 80,009 shares in the company, valued at $9,953,919.69. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Phillips 66 news, Chairman Greg C. Garland sold 169,400 shares of Phillips 66 stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $111.44, for a total transaction of $18,877,936.00. Following the transaction, the chairman now directly owns 662,366 shares in the company, valued at approximately $73,814,067.04. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Timothy D. Roberts sold 12,970 shares of Phillips 66 stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $124.41, for a total transaction of $1,613,597.70. Following the transaction, the executive vice president now owns 80,009 shares in the company, valued at $9,953,919.69. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 360,648 shares of company stock worth $41,396,371. 4.57% of the stock is owned by insiders.
Phillips 66 Stock Performance
PSX opened at $123.17 on Thursday. The business’s 50 day moving average is $110.40 and its 200-day moving average is $102.20. The stock has a market cap of $54.85 billion, a PE ratio of 5.34, a price-to-earnings-growth ratio of 0.41 and a beta of 1.37. The company has a current ratio of 1.33, a quick ratio of 0.90 and a debt-to-equity ratio of 0.61. Phillips 66 has a twelve month low of $74.02 and a twelve month high of $125.19.
Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported $3.87 EPS for the quarter, beating analysts’ consensus estimates of $3.54 by $0.33. Phillips 66 had a net margin of 6.81% and a return on equity of 26.25%. The business had revenue of $35.74 billion for the quarter, compared to analyst estimates of $32.13 billion. During the same quarter last year, the business earned $6.77 earnings per share. On average, analysts predict that Phillips 66 will post 15.45 earnings per share for the current year.
Phillips 66 Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were given a $1.05 dividend. The ex-dividend date was Thursday, August 17th. This represents a $4.20 annualized dividend and a yield of 3.41%. Phillips 66’s dividend payout ratio (DPR) is 18.22%.
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.
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