Phillips 66 $PSX Stock Position Lowered by Putney Financial Group LLC

Putney Financial Group LLC decreased its position in Phillips 66 (NYSE:PSX) by 37.1% in the second quarter, HoldingsChannel reports. The firm owned 427 shares of the oil and gas company’s stock after selling 252 shares during the period. Putney Financial Group LLC’s holdings in Phillips 66 were worth $51,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. boosted its position in shares of 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. Valeo Financial Advisors LLC lifted its stake in Phillips 66 by 9,530.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock worth $172,564,000 after acquiring an additional 1,431,450 shares in the last quarter. Nuveen LLC acquired a new stake in Phillips 66 during the 1st quarter worth about $156,482,000. Price T Rowe Associates Inc. MD grew its stake in Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after acquiring an additional 653,248 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Down 0.6%

PSX stock opened at $137.17 on Friday. The firm has a market cap of $55.43 billion, a PE ratio of 37.48, a PEG ratio of 1.81 and a beta of 1.11. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The company has a fifty day simple moving average of $132.54 and a 200 day simple moving average of $123.00. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.38. The company had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.During the same period last year, the company earned $2.04 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business 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 $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.5%. The ex-dividend date is Monday, November 17th. Phillips 66’s payout ratio is 115.38%.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. This represents a 11.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Hayes bought 8,350 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research reports. Cowen restated a “buy” rating on shares of Phillips 66 in a report on Thursday. Piper Sandler lifted their target price on shares of Phillips 66 from $155.00 to $159.00 and gave the company a “neutral” rating in a research note on Thursday. Jefferies Financial Group upped their price target 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. UBS Group increased their price objective on Phillips 66 from $143.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Finally, Morgan Stanley boosted their target price on Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research note on Friday, October 3rd. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $142.94.

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.