Hartford Financial Management Inc. Sells 340 Shares of Phillips 66 (NYSE:PSX)

Hartford Financial Management Inc. cut its stake in shares of Phillips 66 (NYSE:PSX) by 1.7% in the 1st quarter, HoldingsChannel reports. The firm owned 19,456 shares of the oil and gas company’s stock after selling 340 shares during the period. Hartford Financial Management Inc.’s holdings in Phillips 66 were worth $2,402,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Oppenheimer & Co. Inc. lifted its position in Phillips 66 by 10.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock valued at $5,349,000 after purchasing an additional 4,515 shares during the last quarter. Corps Capital Advisors LLC bought a new stake in Phillips 66 during the fourth quarter valued at approximately $412,000. Cohen & Steers Inc. lifted its position in Phillips 66 by 40.3% during the fourth quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company’s stock valued at $10,443,000 after purchasing an additional 26,318 shares during the last quarter. American Assets Investment Management LLC lifted its position in Phillips 66 by 2.3% during the fourth quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company’s stock valued at $14,902,000 after purchasing an additional 3,000 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Phillips 66 during the fourth quarter valued at approximately $168,790,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Up 0.4%

Shares of NYSE PSX opened at $124.98 on Thursday. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The firm’s fifty day moving average is $111.33 and its 200 day moving average is $117.38. The company has a market cap of $50.92 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 1.91 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The firm had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same period in the previous year, the firm earned $1.90 earnings per share. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.84%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66’s payout ratio is presently 109.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a research report on Wednesday. Mizuho lifted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a research report on Tuesday, May 13th. UBS Group decreased their price target on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Finally, The Goldman Sachs Group downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price target on the stock. in a research note on Thursday, March 27th. Eight equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $133.93.

Insider Buying and Selling

In related news, Director Robert W. Pease acquired 439 shares of Phillips 66 stock in a transaction on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director now owns 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is owned by insiders.

Phillips 66 Company 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.