Prospera Financial Services Inc Decreases Stake in Phillips 66 $PSX

Prospera Financial Services Inc reduced its stake in Phillips 66 (NYSE:PSX) by 13.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,787 shares of the oil and gas company’s stock after selling 5,549 shares during the period. Prospera Financial Services Inc’s holdings in Phillips 66 were worth $4,735,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PSX. Brighton Jones LLC boosted its position in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after buying an additional 7,214 shares during the period. Woodline Partners LP raised its stake in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Aberdeen Group plc boosted its holdings in shares of Phillips 66 by 4.5% during the second quarter. Aberdeen Group plc now owns 157,332 shares of the oil and gas company’s stock worth $18,885,000 after purchasing an additional 6,719 shares during the period. CWM LLC grew its stake in shares of Phillips 66 by 11.7% in the second quarter. CWM LLC now owns 42,204 shares of the oil and gas company’s stock worth $5,035,000 after purchasing an additional 4,404 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Phillips 66 by 0.4% in the second quarter. Allspring Global Investments Holdings LLC now owns 119,400 shares of the oil and gas company’s stock worth $14,704,000 after purchasing an additional 532 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price target on Phillips 66 from $162.00 to $163.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. TD Cowen reissued a “buy” rating on shares of Phillips 66 in a research note on Friday, February 6th. Scotiabank restated a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a report on Friday, January 16th. The Goldman Sachs Group raised their price target on Phillips 66 from $152.00 to $164.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Finally, Piper Sandler boosted their price objective on shares of Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $157.18.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction on Monday, December 1st. The stock was sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total value of $659,100.00. Following the transaction, the executive vice president owned 25,799 shares of the company’s stock, valued at $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 60,488 shares of company stock worth $8,474,466 over the last three months. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Trading Up 2.6%

NYSE:PSX opened at $161.32 on Thursday. The firm has a market capitalization of $65.00 billion, a P/E ratio of 14.91, a PEG ratio of 0.56 and a beta of 0.90. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. Phillips 66 has a one year low of $91.01 and a one year high of $161.53. The company’s 50-day simple moving average is $139.65 and its 200 day simple moving average is $134.43.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. The business had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same quarter last year, the firm earned ($0.15) earnings per share. As a group, analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be paid a dividend of $1.27 per share. The ex-dividend date is Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. Phillips 66’s dividend payout ratio (DPR) is presently 44.36%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.