Hartford Investment Management Co. Reduces Stock Holdings in Phillips 66 (NYSE:PSX)

Hartford Investment Management Co. reduced its holdings in Phillips 66 (NYSE:PSX) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,216 shares of the oil and gas company’s stock after selling 260 shares during the period. Hartford Investment Management Co.’s holdings in Phillips 66 were worth $3,114,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in PSX. Pacific Center for Financial Services purchased a new stake in shares of Phillips 66 in the 4th quarter valued at $27,000. von Borstel & Associates Inc. purchased a new stake in shares of Phillips 66 in the 1st quarter valued at $27,000. Olde Wealth Management LLC purchased a new stake in shares of Phillips 66 in the 1st quarter valued at $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Phillips 66 in the 4th quarter valued at $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the 1st quarter valued at $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $119.59 on Friday. The firm has a 50-day simple moving average of $122.41 and a 200-day simple moving average of $118.90. The stock has a market capitalization of $48.33 billion, a price-to-earnings ratio of 28.75, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same period in the prior year, the business earned $2.31 earnings per share. On average, equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.0%. Phillips 66’s dividend payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Sigmund L. Cornelius acquired 500 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Michael A. Heim acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the acquisition, the director directly owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 1,939 shares of company stock valued at $237,725 in the last three months. 0.22% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent research reports. Evercore ISI initiated coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an “outperform” rating and a $130.00 price objective on the stock. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research report on Wednesday, June 18th. Compass Point began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a “buy” rating for the company. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a “neutral” rating for the company. Finally, Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Hold” and an average target price of $136.13.

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.