Phillips 66 $PSX Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 13.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,695 shares of the oil and gas company’s stock after selling 3,644 shares during the period. Convergence Investment Partners LLC’s holdings in Phillips 66 were worth $2,929,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the 4th quarter valued at $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in Phillips 66 during the 4th quarter valued at $27,000. Stephens Consulting LLC grew its holdings in Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 90 shares in the last quarter. Finally, Dorato Capital Management acquired a new stake in Phillips 66 during the 4th quarter valued at $35,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Up 2.9%

NYSE PSX opened at $176.42 on Friday. Phillips 66 has a 12 month low of $109.75 and a 12 month high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market capitalization of $70.73 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. The company’s fifty day moving average price is $170.79 and its two-hundred day moving average price is $151.81.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the prior year, the firm posted ($0.90) EPS. The firm’s revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Phillips 66 will post 17.39 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66’s dividend payout ratio is 50.05%.

Insider Activity

In other news, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the transaction, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the transaction, the executive vice president owned 61,595 shares in the company, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 121,529 shares of company stock worth $20,841,455 over the last ninety days. Insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PSX. Wells Fargo & Company raised their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. TD Cowen raised their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Piper Sandler raised their price target on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Finally, BMO Capital Markets increased their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $186.28.

Phillips 66 Company Profile

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.