Covington Capital Management lessened its position in Phillips 66 (NYSE: PSX – Get Rating) by 3.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,958 shares of the oil and gas company stock after selling 278 shares during the period. Covington Capital Management’s holdings in Phillips 66 were worth $ 504,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Mutual Advisors LLC lifted its stake in shares of Phillips 66 by 3.2% in the fourth quarter. Mutual Advisors LLC now owns 3,529 shares of the oil and gas company stock valued at $ 256,000 after purchasing an additional 111 shares during the period. Harbor Investment Management LLC lifted its stake in shares of Phillips 66 by 0.7% in the fourth quarter. Harbor Investment Management LLC now owns 15,577 shares of the oil and gas company stock valued at $ 1,129,000 after purchasing an additional 112 shares during the period. Mitchell & Pahl Private Wealth LLC lifted its stake in shares of Phillips 66 by 1.0% in the fourth quarter. Mitchell & Pahl Private Wealth LLC now owns 12,861 shares of the oil and gas company stock valued at $ 932,000 after purchasing an additional 129 shares during the period. Cornerstone Wealth Management LLC lifted its stake in shares of Phillips 66 by 2.3% in the fourth quarter. Cornerstone Wealth Management LLC now owns 5,970 shares of the oil and gas company stock valued at $ 429,000 after purchasing an additional 134 shares during the period. Finally, Larson Financial Group LLC lifted its stake in shares of Phillips 66 by 34.2% in the fourth quarter. Larson Financial Group LLC now owns 530 shares of the oil and gas company stock valued at $ 38,000 after purchasing an additional 135 shares during the period. Institutional investors own 64.28% of the company stock.
Several brokerages recently commented on PSX. JPMorgan Chase & Co. raised their price objective on shares of Phillips 66 from $ 102.00 to $ 112.00 in a research note on Tuesday, May 17th. StockNews.com upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Thursday, May 5th. Credit Suisse Group lifted their target price on shares of Phillips 66 to $ 122.00 in a research report on Thursday, June 9th. TheStreet upgraded shares of Phillips 66 from a “c +” rating to a “b” rating in a research report on Wednesday, February 23rd. Finally, Citigroup assumed coverage on shares of Phillips 66 in a research report on Tuesday, April 26th. They set a “neutral” rating and a $ 89.00 target price for the company. Three analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $ 104.47.
Shares of NYSE PSX opened at $ 104.13 on Wednesday. The company has a market cap of $ 50.10 billion, a PE ratio of 18.14, a price-to-earnings-growth ratio of 0.75 and a beta of 1.39. Phillips 66 has a 12 month low of $ 63.19 and a 12 month high of $ 111.28. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.13 and a quick ratio of 0.87. The company has a 50-day simple moving average of $ 93.49 and a 200-day simple moving average of $ 85.22.
Phillips 66 (NYSE: PSX – Get Rating) last issued its quarterly earnings results on Friday, April 29th. The oil and gas company reported $ 1.32 EPS for the quarter, topping analysts’ consensus estimates of $ 1.14 by $ 0.18. The business had revenue of $ 36.72 billion during the quarter, compared to the estimate consensus of $ 34.86 billion. Phillips 66 had a net margin of 1.97% and a return on equity of 17.07%. During the same period in the previous year, the firm posted ($ 1.16) earnings per share. On average, analysts anticipate that Phillips 66 will post 12.19 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, June 1st. Investors of record on Monday, May 23rd were issued a $ 0.97 dividend. This represents a $ 3.88 dividend on an annualized basis and a yield of 3.73%. This is an increase from Phillips 66’s previous quarterly dividend of $ 0.92. The ex-dividend date of this dividend was Friday, May 20th. Phillips 66’s payout ratio is presently 67.60%.
In other Phillips 66 news, EVP Timothy D. Roberts sold 59,100 shares of Phillips 66 stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $ 110.21, for a total transaction of $ 6,513,411.00. Following the transaction, the executive vice president now directly owns 48,201 shares of the company stock, valued at $ 5,312,232.21. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Greg C. Garland sold 146,700 shares of Phillips 66 stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $ 109.70, for a total transaction of $ 16,092,990.00. Following the transaction, the chief executive officer now directly owns 656,563 shares in the company, valued at $ 72,024,961.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 297,700 shares of company stock valued at $ 32,327,782. 0.74% of the stock is owned by insiders.
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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