Phillips 66 $PSX Shares Sold by Naviter Wealth LLC

Naviter Wealth LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 9.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 8,255 shares of the oil and gas company’s stock after selling 902 shares during the period. Naviter Wealth LLC’s holdings in Phillips 66 were worth $985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Alpine Woods Capital Investors LLC grew its position in Phillips 66 by 256.7% during the 2nd quarter. Alpine Woods Capital Investors LLC now owns 8,908 shares of the oil and gas company’s stock worth $1,063,000 after purchasing an additional 6,411 shares during the period. Cornerstone Wealth Group LLC grew its position in Phillips 66 by 2.5% during the 2nd quarter. Cornerstone Wealth Group LLC now owns 5,082 shares of the oil and gas company’s stock worth $606,000 after purchasing an additional 126 shares during the period. Community Bank N.A. grew its position in Phillips 66 by 7.3% during the 2nd quarter. Community Bank N.A. now owns 22,627 shares of the oil and gas company’s stock worth $2,699,000 after purchasing an additional 1,543 shares during the period. NorthRock Partners LLC grew its position in Phillips 66 by 8.2% during the 2nd quarter. NorthRock Partners LLC now owns 6,754 shares of the oil and gas company’s stock worth $806,000 after purchasing an additional 511 shares during the period. Finally, Hazlett Burt & Watson Inc. grew its position in Phillips 66 by 18.5% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 3,094 shares of the oil and gas company’s stock worth $370,000 after purchasing an additional 483 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PSX. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Citigroup lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and increased their target price for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Jefferies Financial Group increased their target price on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research note on Friday, October 10th. Finally, Raymond James Financial increased their target price on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 9th. Two 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 MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $140.75.

Phillips 66 Trading Up 0.9%

PSX opened at $130.92 on Wednesday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company’s 50 day simple moving average is $129.85 and its two-hundred day simple moving average is $120.68. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The firm has a market capitalization of $52.91 billion, a price-to-earnings ratio of 31.47, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $32.11 billion. During the same period last year, the company posted $2.31 EPS. Analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

Insider Activity

In other news, Director Michael A. Heim purchased 1,000 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director directly owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigmund L. Cornelius purchased 500 shares of the business’s stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director directly owned 21,543 shares in the company, valued at approximately $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. Insiders have acquired 9,850 shares of company stock worth $1,188,910 over the last quarter. 0.22% of the stock is currently owned by corporate insiders.

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.