Phillips 66 $PSX Shares Sold by Corient Private Wealth LP

Corient Private Wealth LP trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 11.1% during the second quarter, Holdings Channel.com reports. The firm owned 628,169 shares of the oil and gas company’s stock after selling 78,579 shares during the quarter. Corient Private Wealth LP’s holdings in Phillips 66 were worth $106,192,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. NFSG Corp boosted its stake in shares of Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Axiom Investment Management LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at $27,000. SWAN Capital LLC lifted its holdings in shares of Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of Phillips 66 during the 2nd quarter valued at about $28,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on PSX. Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. The Goldman Sachs Group upped their price target on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday, July 22nd. TD Cowen increased their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. UBS Group raised their price objective on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Wells Fargo & Company upped their price objective on shares of Phillips 66 from $239.00 to $335.00 and gave the company an “overweight” rating in a research report on Tuesday, September 1st. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.76.

Phillips 66 Stock Up 0.4%

NYSE:PSX opened at $259.66 on Friday. The company has a market cap of $103.61 billion, a price-to-earnings ratio of 14.80, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The stock’s fifty day moving average price is $222.85 and its two-hundred day moving average price is $189.43. Phillips 66 has a 52-week low of $126.74 and a 52-week high of $265.43.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. On average, analysts anticipate that Phillips 66 will post 24.47 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th were issued a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 announced that its Board of Directors has approved a stock repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin Mitchell sold 11,021 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. The trade was a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 100,507 shares of company stock valued at $21,770,810 over the last ninety days. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.