Phillips 66 $PSX Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lowered its position in Phillips 66 (NYSE:PSX) by 5.5% during the first quarter, HoldingsChannel reports. The firm owned 68,720 shares of the oil and gas company’s stock after selling 4,000 shares during the period. Sterling Capital Management LLC’s holdings in Phillips 66 were worth $12,519,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $640,206,000. M&T Bank Corp boosted its position in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after acquiring an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC boosted its position in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after acquiring an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in Phillips 66 during the 2nd quarter valued at about $107,967,000. Finally, NewEdge Advisors LLC grew its stake in Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after acquiring an additional 877,131 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 45,629 shares of company stock valued at $8,071,540 over the last quarter. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

Shares of PSX stock opened at $171.84 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market capitalization of $68.90 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 0.24 and a beta of 0.68. The firm’s 50-day moving average is $172.94 and its two-hundred day moving average is $160.01. Phillips 66 has a 12 month low of $118.00 and a 12 month high of $190.61.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.90) EPS. Analysts predict that Phillips 66 will post 18.22 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 3.0%. Phillips 66’s dividend payout ratio is currently 50.05%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSX. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 13th. Piper Sandler upped their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. UBS Group reaffirmed a “buy” rating and issued a $212.00 price target on shares of Phillips 66 in a report on Monday, June 15th. Argus lifted their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Finally, Wells Fargo & Company boosted their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 31st. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $192.33.

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.