State of Alaska Department of Revenue Decreases Stock Holdings in Phillips 66 $PSX

State of Alaska Department of Revenue lowered its stake in shares of Phillips 66 (NYSE:PSX) by 7.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 40,005 shares of the oil and gas company’s stock after selling 3,320 shares during the period. State of Alaska Department of Revenue’s holdings in Phillips 66 were worth $5,162,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Evolution Wealth Management Inc. acquired a new position in Phillips 66 during the second quarter worth about $25,000. Board of the Pension Protection Fund acquired a new position in Phillips 66 during the fourth quarter worth about $26,000. Accordant Advisory Group Inc raised its position in Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 180 shares during the last quarter. Stephens Consulting LLC raised its position in Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 90 shares during the last quarter. Finally, Dorato Capital Management acquired a new position in Phillips 66 during the fourth quarter worth about $35,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 16,856 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,380,590.72. The trade was a 14.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Don Baldridge sold 7,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 95,923 shares of company stock valued at $16,399,619. 0.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PSX. BMO Capital Markets lifted their target price on shares of Phillips 66 from $175.00 to $195.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 7th. Weiss Ratings upgraded shares of Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. Mizuho lifted their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 17th. Wall Street Zen cut shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Finally, Wolfe Research lifted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $180.72.

Phillips 66 Stock Performance

NYSE:PSX opened at $158.78 on Wednesday. The firm has a 50 day simple moving average of $166.25 and a 200-day simple moving average of $146.66. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The firm has a market cap of $63.63 billion, a PE ratio of 14.67, a P/E/G ratio of 0.28 and a beta of 0.76. Phillips 66 has a 1-year low of $95.70 and a 1-year high of $190.61.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the previous year, the business posted ($0.15) earnings per share. On average, equities analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a $1.27 dividend. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is presently 46.95%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.