Phillips 66 $PSX Shares Sold by Summit Financial LLC

Summit Financial LLC decreased its stake in shares of Phillips 66 (NYSE:PSX) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 19,461 shares of the oil and gas company’s stock after selling 280 shares during the period. Summit Financial LLC’s holdings in Phillips 66 were worth $2,403,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of PSX. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after buying an additional 4,455,220 shares during the period. Nuveen LLC acquired a new position in shares of Phillips 66 in the 1st quarter worth approximately $156,482,000. Capitolis Liquid Global Markets LLC acquired a new position in shares of Phillips 66 in the 4th quarter worth approximately $142,185,000. GAMMA Investing LLC grew its stake in shares of Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company’s stock worth $146,893,000 after purchasing an additional 1,181,240 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its stake in shares of Phillips 66 by 157.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company’s stock worth $175,593,000 after purchasing an additional 942,922 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $129.8020 on Friday. The company’s 50 day moving average price is $124.31 and its 200 day moving average price is $119.05. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The company has a market capitalization of $52.46 billion, a PE ratio of 31.20, a PEG ratio of 1.68 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. Research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66’s payout ratio is currently 115.38%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 9th. Wells Fargo & Company lowered their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a research note on Wednesday, June 11th. Piper Sandler reaffirmed a “neutral” rating and issued a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an “outperform” rating in a research note on Tuesday, July 15th. Finally, UBS Group lifted their price objective on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $136.20.

Insider Buying and Selling

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the transaction, the director directly owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the firm’s stock in a transaction on Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the transaction, the director directly owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by company insiders.

About Phillips 66

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.