Phillips 66 $PSX Stake Cut by Spirit of America Management Corp NY

Spirit of America Management Corp NY cut its position in shares of Phillips 66 (NYSE:PSX) by 19.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 59,186 shares of the oil and gas company’s stock after selling 14,350 shares during the quarter. Phillips 66 accounts for about 1.5% of Spirit of America Management Corp NY’s investment portfolio, making the stock its 13th largest holding. Spirit of America Management Corp NY’s holdings in Phillips 66 were worth $7,061,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. increased its position in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the period. Chronos Wealth Management LLC acquired a new stake in Phillips 66 in the second quarter worth $281,000. Wealth Enhancement Advisory Services LLC increased its position in Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company’s stock worth $19,625,000 after buying an additional 26,825 shares during the period. Alta Advisers Ltd acquired a new stake in Phillips 66 in the first quarter worth $253,000. Finally, Sustainable Insight Capital Management LLC acquired a new stake in Phillips 66 in the first quarter worth $1,457,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

Shares of PSX opened at $129.21 on Friday. The firm has a market capitalization of $52.22 billion, a price-to-earnings ratio of 31.06, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The stock’s fifty day moving average is $130.43 and its 200-day moving average is $120.81.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the previous year, the company earned $2.31 earnings per share. Equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a dividend of $1.20 per share. 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 payout ratio is presently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes bought 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Heim bought 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 9,850 shares of company stock valued at $1,188,910 in the last three months. 0.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. UBS Group increased their target price on Phillips 66 from $143.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 26th. Jefferies Financial Group increased their target price on Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research report on Friday, October 10th. Argus raised Phillips 66 to a “strong-buy” rating in a report on Thursday, July 31st. Finally, Piper Sandler raised their price target on Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

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.