Logan Capital Management Inc. Reduces Stock Position in Phillips 66 $PSX

Logan Capital Management Inc. cut its stake in Phillips 66 (NYSE:PSX) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 13,715 shares of the oil and gas company’s stock after selling 124 shares during the period. Logan Capital Management Inc.’s holdings in Phillips 66 were worth $1,636,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. GWN Securities Inc. grew its position in shares of Phillips 66 by 131.2% in the second quarter. GWN Securities Inc. now owns 6,224 shares of the oil and gas company’s stock valued at $746,000 after purchasing an additional 3,532 shares during the last quarter. Advisory Alpha LLC grew its position in shares of Phillips 66 by 6.1% in the second quarter. Advisory Alpha LLC now owns 3,083 shares of the oil and gas company’s stock valued at $368,000 after purchasing an additional 176 shares during the last quarter. Rossby Financial LCC grew its position in shares of Phillips 66 by 5.7% in the second quarter. Rossby Financial LCC now owns 3,600 shares of the oil and gas company’s stock valued at $429,000 after purchasing an additional 193 shares during the last quarter. SYM FINANCIAL Corp acquired a new stake in shares of Phillips 66 in the second quarter valued at approximately $207,000. Finally, Cobblestone Capital Advisors LLC NY grew its position in shares of Phillips 66 by 0.5% in the second quarter. Cobblestone Capital Advisors LLC NY now owns 16,851 shares of the oil and gas company’s stock valued at $2,010,000 after purchasing an additional 86 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Phillips 66

In related news, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Sigmund L. Cornelius bought 500 shares of the business’s stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the purchase, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The SEC filing for this purchase provides additional information. 0.22% of the stock is owned by company insiders.

Phillips 66 Stock Down 1.1%

Shares of PSX opened at $133.92 on Wednesday. The firm has a market cap of $54.12 billion, a PE ratio of 32.19, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The company’s fifty day moving average is $131.99 and its two-hundred day moving average is $122.62. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35. 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 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

Analysts Set New Price Targets

Several analysts have recently commented on PSX shares. Mizuho increased their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a research report on Monday, September 15th. Wells Fargo & Company initiated coverage on shares of Phillips 66 in a research report on Friday, October 17th. They set an “overweight” rating and a $154.00 target price on the stock. Citigroup lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and raised their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Barclays raised their target price on shares of Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 7th. Finally, Bank of America lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and raised their target price for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $141.50.

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.