Palisade Asset Management LLC decreased its stake in Phillips 66 (NYSE:PSX – Get Rating) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,569 shares of the oil and gas company’s stock after selling 285 shares during the period. Palisade Asset Management LLC’s holdings in Phillips 66 were worth $567,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the stock. David J Yvars Group bought a new position in Phillips 66 in the 1st quarter valued at approximately $1,740,000. Keystone Wealth Services LLC acquired a new position in Phillips 66 in the 1st quarter valued at approximately $1,651,000. Riverview Trust Co increased its position in Phillips 66 by 154.3% in the 1st quarter. Riverview Trust Co now owns 590 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 358 shares during the period. Transcend Capital Advisors LLC increased its position in Phillips 66 by 34.1% in the 1st quarter. Transcend Capital Advisors LLC now owns 7,590 shares of the oil and gas company’s stock valued at $656,000 after acquiring an additional 1,929 shares during the period. Finally, Canal Capital Management LLC acquired a new position in Phillips 66 in the 1st quarter valued at approximately $208,000. 64.28% of the stock is owned by institutional investors and hedge funds.
In other Phillips 66 news, CEO Greg C. Garland sold 146,700 shares of Phillips 66 stock in a transaction dated Thursday, June 9th. The stock was sold at an average price of $109.70, for a total transaction of $16,092,990.00. Following the completion of the transaction, the chief executive officer now owns 656,563 shares in the company, valued at approximately $72,024,961.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Timothy D. Roberts sold 59,100 shares of Phillips 66 stock in a transaction dated Wednesday, June 8th. The shares were sold at an average price of $110.21, for a total value of $6,513,411.00. Following the transaction, the executive vice president now owns 48,201 shares of the company’s stock, valued at approximately $5,312,232.21. The disclosure for this sale can be found here. Insiders have sold a total of 297,700 shares of company stock valued at $32,327,782 in the last quarter. Company insiders own 0.74% of the company’s stock.
PSX has been the subject of several recent research reports. BMO Capital Markets initiated coverage on shares of Phillips 66 in a research report on Monday, June 13th. They issued an “outperform” rating and a $132.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $102.00 to $112.00 in a research report on Tuesday, May 17th. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $114.00 to $127.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 14th. Credit Suisse Group boosted their target price on shares of Phillips 66 to $122.00 in a report on Thursday, June 9th. Finally, StockNews.com upgraded Phillips 66 from a “hold” rating to a “buy” rating in a report on Thursday, May 5th. Three investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $104.47.
Shares of Phillips 66 stock opened at $84.37 on Friday. Phillips 66 has a one year low of $63.19 and a one year high of $111.28. The firm has a market capitalization of $40.59 billion, a price-to-earnings ratio of 14.70, a PEG ratio of 0.60 and a beta of 1.39. The business has a 50-day simple moving average of $94.70 and a 200-day simple moving average of $86.80. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.13 and a quick ratio of 0.87.
Phillips 66 (NYSE:PSX – Get Rating) last issued its earnings results on Friday, April 29th. The oil and gas company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.14 by $0.18. Phillips 66 had a return on equity of 17.07% and a net margin of 1.97%. The business had revenue of $36.72 billion during the quarter, compared to analyst estimates of $34.86 billion. During the same period in the previous year, the company posted ($1.16) EPS. On average, sell-side analysts expect that Phillips 66 will post 12.19 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, June 1st. Shareholders of record on Monday, May 23rd were paid a dividend of $0.97 per share. The ex-dividend date of this dividend was Friday, May 20th. This represents a $3.88 dividend on an annualized basis and a yield of 4.60%. This is an increase from Phillips 66’s previous quarterly dividend of $0.92. Phillips 66’s payout ratio is 67.60%.
Phillips 66 Profile: (Get Rating)
Phillips 66 operates as an energy manufacturing and logistics company. 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.
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