Financial Management Network Inc. Sells 366 Shares of Phillips 66 (NYSE:PSX)

Financial Management Network Inc. reduced its holdings in Phillips 66 (NYSE:PSX) by 16.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,855 shares of the oil and gas company’s stock after selling 366 shares during the quarter. Financial Management Network Inc.’s holdings in Phillips 66 were worth $257,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Crewe Advisors LLC bought a new stake in shares of Phillips 66 during the first quarter worth $25,000. Keener Financial Planning LLC bought a new stake in Phillips 66 during the 1st quarter worth about $26,000. Strategic Financial Concepts LLC acquired a new stake in Phillips 66 in the 2nd quarter valued at about $26,000. nVerses Capital LLC bought a new position in shares of Phillips 66 in the third quarter worth about $26,000. Finally, Redmont Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the first quarter worth approximately $28,000. 76.93% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.22% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSX. TD Cowen dropped their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Piper Sandler set a $144.00 target price on Phillips 66 in a research report on Thursday, October 17th. Raymond James lifted their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Wolfe Research assumed coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Stock Up 1.3 %

Shares of NYSE PSX traded up $1.61 during mid-day trading on Friday, hitting $130.10. The company had a trading volume of 124,026 shares, compared to its average volume of 2,662,910. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The firm has a 50-day simple moving average of $132.85 and a two-hundred day simple moving average of $139.57. The company has a market capitalization of $54.46 billion, a PE ratio of 11.02, a price-to-earnings-growth ratio of 5.61 and a beta of 1.33. Phillips 66 has a one year low of $107.85 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the previous year, the firm earned $3.87 EPS. The business’s quarterly revenue was up 8.9% on a year-over-year basis. On average, equities analysts expect that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s payout ratio is 39.45%.

Phillips 66 Profile

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.