First National Trust Co Sells 504 Shares of Phillips 66 $PSX

First National Trust Co lowered its holdings in Phillips 66 (NYSE:PSX) by 6.6% in the second quarter, Holdings Channel reports. The firm owned 7,103 shares of the oil and gas company’s stock after selling 504 shares during the quarter. First National Trust Co’s holdings in Phillips 66 were worth $847,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PSX. Elliott Investment Management L.P. lifted its stake in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the last quarter. Chronos Wealth Management LLC acquired a new stake in Phillips 66 in the second quarter valued at $281,000. Alta Advisers Ltd acquired a new stake in Phillips 66 in the first quarter valued at $253,000. Sustainable Insight Capital Management LLC acquired a new stake in Phillips 66 in the first quarter valued at $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in Phillips 66 in the first quarter valued at $292,000. Institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In other Phillips 66 news, Director Gregory Hayes purchased 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were acquired 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 owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost 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 of the company’s stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase is available in the SEC filing. 0.22% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Raymond James Financial reiterated an “outperform” rating and issued a $150.00 price target (up previously from $145.00) on shares of Phillips 66 in a research note on Friday, October 17th. UBS Group increased their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Mizuho raised their target price on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Monday, September 15th. Wells Fargo & Company began coverage on shares of Phillips 66 in a research note on Friday, October 17th. They set an “overweight” rating and a $154.00 target price for the company. Finally, Piper Sandler raised their target price on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research note on Monday, September 29th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $141.50.

Phillips 66 Stock Performance

NYSE PSX opened at $133.92 on Wednesday. The firm has a 50-day moving average of $131.99 and a 200-day moving average of $122.62. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The stock has a market cap of $54.12 billion, a PE ratio of 32.19, a P/E/G ratio of 1.78 and a beta of 1.11. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35.

Phillips 66 Dividend Announcement

The firm also recently declared 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. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is currently 115.38%.

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.