Parr Mcknight Wealth Management Group LLC Reduces Stock Holdings in Phillips 66 $PSX

Parr Mcknight Wealth Management Group LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 24.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,226 shares of the oil and gas company’s stock after selling 8,988 shares during the period. Parr Mcknight Wealth Management Group LLC’s holdings in Phillips 66 were worth $4,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares during the last quarter. Woodline Partners LP raised its position in 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 in the last quarter. Sei Investments Co. lifted its holdings in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after acquiring an additional 28,988 shares during the period. Finally, Glenview Trust co boosted its position in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after purchasing an additional 229 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 announced a quarterly dividend of $1.27 per share, reinforcing its income appeal for investors and signaling continued shareholder returns. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Recent commentary noted that higher crude prices and renewed Middle East tensions could support refining margins and help Phillips 66, since the company can benefit when fuel spreads remain favorable. What Do Renewed Middle East Tensions Mean for Phillips 66’s Business?
• Positive Sentiment: Analysts highlighted Phillips 66 as a momentum name, and the stock has been outperforming broader market moves, which can attract additional buying interest. Why Phillips 66 (PSX) is a top momentum stock for the long term
• Neutral Sentiment: Barclays raised its price target on Phillips 66 to $183 from $177 but kept an equal-weight rating, suggesting a modestly cautious stance rather than a strong bullish call. Phillips 66 (NYSE:PSX) Given New $183.00 Price Target at Barclays
• Neutral Sentiment: Coverage also focused on analysts’ views and dividend-related news, which supports investor attention but does not materially change the company’s operating outlook by itself. Analysts Offer Insights on Energy Companies: Exxon Mobil (XOM) and Phillips 66 (PSX)
• Negative Sentiment: One market update said Phillips 66 was set to snap a six-session winning streak, indicating some near-term cooling after the recent rally. Phillips 66 set to snap six straight sessions of gains

Phillips 66 Stock Performance

PSX opened at $188.59 on Monday. The firm’s fifty day simple moving average is $176.38 and its two-hundred day simple moving average is $163.20. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $193.04. The company has a market cap of $75.61 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 0.25 and a beta of 0.69. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same quarter in the previous year, the company earned ($0.90) earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts anticipate that Phillips 66 will post 19.3 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.7%. Phillips 66’s dividend payout ratio is presently 50.05%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PSX. Weiss Ratings lowered shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a report on Friday, May 1st. Wolfe Research increased their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. The Goldman Sachs Group raised their price target on shares of Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Tuesday, May 19th. Scotiabank lifted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Piper Sandler upped their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $193.94.

Insider Buying and Selling

In other news, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director 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 filing with the SEC, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Profile

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.