Eastern Bank Cuts Stock Holdings in Phillips 66 $PSX

Eastern Bank reduced its position in shares of Phillips 66 (NYSE:PSX) by 6.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,763 shares of the oil and gas company’s stock after selling 124 shares during the period. Eastern Bank’s holdings in Phillips 66 were worth $210,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in PSX. Brighton Jones LLC raised its holdings in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares in the last quarter. GAMMA Investing LLC raised its holdings in Phillips 66 by 15.2% during the first quarter. GAMMA Investing LLC now owns 9,634 shares of the oil and gas company’s stock worth $1,190,000 after purchasing an additional 1,268 shares in the last quarter. Simon Quick Advisors LLC raised its holdings in Phillips 66 by 31.0% during the first quarter. Simon Quick Advisors LLC now owns 2,309 shares of the oil and gas company’s stock worth $285,000 after purchasing an additional 547 shares in the last quarter. Fifth Third Bancorp increased its holdings in Phillips 66 by 1.3% in the first quarter. Fifth Third Bancorp now owns 25,567 shares of the oil and gas company’s stock valued at $3,157,000 after buying an additional 328 shares in the last quarter. Finally, Azzad Asset Management Inc. ADV purchased a new position in Phillips 66 in the first quarter valued at about $2,523,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Sigmund L. Cornelius bought 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm’s stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president owned 34,587 shares in the company, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Insiders have bought a total of 9,850 shares of company stock worth $1,188,910 in the last three months. 0.22% of the stock is owned by insiders.

Wall Street Analyst Weigh In

PSX has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on shares of Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a report on Friday, October 3rd. Scotiabank reaffirmed a “sector perform” rating and issued a $133.00 target price on shares of Phillips 66 in a report on Friday, July 11th. Piper Sandler increased their target price on shares of Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, Raymond James Financial increased their target price on shares of Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $140.75.

Phillips 66 Stock Down 3.1%

PSX stock opened at $127.01 on Monday. The company’s 50 day simple moving average is $129.51 and its 200-day simple moving average is $120.56. The firm has a market capitalization of $51.33 billion, a PE ratio of 30.53, a P/E/G ratio of 1.86 and a beta of 1.11. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $142.35. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79.

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

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.8%. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

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.