Phillips 66 $PSX Shares Sold by Abacus Planning Group Inc.

Abacus Planning Group Inc. lowered its position in Phillips 66 (NYSE:PSX) by 10.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,755 shares of the oil and gas company’s stock after selling 201 shares during the quarter. Abacus Planning Group Inc.’s holdings in Phillips 66 were worth $209,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PSX. Wolff Wiese Magana LLC lifted its holdings in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in Phillips 66 in the first quarter valued at $27,000. Olde Wealth Management LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at $28,000. Opal Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the 1st quarter worth $29,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a “neutral” rating for the company. Scotiabank reaffirmed a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a research report on Wednesday, June 18th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and upped their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, TD Cowen lifted their price objective on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $140.19.

Phillips 66 Stock Performance

NYSE:PSX opened at $133.14 on Friday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $142.35. The company has a fifty day simple moving average of $128.89 and a two-hundred day simple moving average of $120.49. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a market cap of $53.80 billion, a price-to-earnings ratio of 32.00, a price-to-earnings-growth ratio of 1.95 and a beta of 1.11.

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

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66’s payout ratio is currently 115.38%.

Insider Activity

In other news, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the firm’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 purchase, the director directly owned 21,543 shares of the company’s stock, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. Company insiders own 0.22% of the company’s stock.

Phillips 66 Company Profile

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.