OLD Point Trust & Financial Services N A Decreases Stock Position in Phillips 66 $PSX

OLD Point Trust & Financial Services N A cut its position in Phillips 66 (NYSE:PSX) by 10.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,850 shares of the oil and gas company’s stock after selling 459 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Phillips 66 were worth $459,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in PSX. 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 valued at $1,166,000 after purchasing an additional 7,214 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of Phillips 66 by 33.1% in the first quarter. Fifth Third Wealth Advisors LLC now owns 7,308 shares of the oil and gas company’s stock valued at $902,000 after purchasing an additional 1,818 shares during the period. Fiduciary Alliance LLC boosted its stake in shares of Phillips 66 by 10.0% in the first quarter. Fiduciary Alliance LLC now owns 8,313 shares of the oil and gas company’s stock valued at $1,027,000 after purchasing an additional 754 shares during the period. NBC Securities Inc. boosted its stake in shares of Phillips 66 by 155,700.0% in the first quarter. NBC Securities Inc. now owns 1,558 shares of the oil and gas company’s stock valued at $192,000 after purchasing an additional 1,557 shares during the period. Finally, Baxter Bros Inc. boosted its stake in shares of Phillips 66 by 1.0% in the first quarter. Baxter Bros Inc. now owns 29,437 shares of the oil and gas company’s stock valued at $3,635,000 after purchasing an additional 287 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $136.06 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35. The firm has a 50-day simple moving average of $128.37 and a 200 day simple moving average of $120.32. The company has a market cap of $54.98 billion, a PE ratio of 32.71, a P/E/G ratio of 1.95 and a beta of 1.15.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share 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 business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. On average, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66’s dividend payout ratio is currently 115.38%.

Insider Buying and Selling at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910 and sold 13,179 shares worth $1,779,165. Insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PSX. Compass Point began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a “buy” rating on the stock. Barclays increased their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 9th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research note on Wednesday, June 18th. Citigroup downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Finally, Argus upgraded shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $139.44.

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.