Phillips 66 (NYSE:PSX) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System cut its holdings in shares of Phillips 66 (NYSE:PSX) by 2.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 117,812 shares of the oil and gas company’s stock after selling 2,600 shares during the period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $19,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Lazard Asset Management LLC grew its holdings in Phillips 66 by 1,562.6% during the third quarter. Lazard Asset Management LLC now owns 3,774 shares of the oil and gas company’s stock worth $452,000 after acquiring an additional 3,547 shares during the period. Truist Financial Corp increased its holdings in shares of Phillips 66 by 6.9% during the 3rd quarter. Truist Financial Corp now owns 532,241 shares of the oil and gas company’s stock valued at $63,949,000 after purchasing an additional 34,573 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Phillips 66 by 260.6% during the 3rd quarter. Axxcess Wealth Management LLC now owns 13,050 shares of the oil and gas company’s stock valued at $1,568,000 after purchasing an additional 9,431 shares in the last quarter. Ellerson Group Inc. ADV boosted its holdings in Phillips 66 by 0.7% during the third quarter. Ellerson Group Inc. ADV now owns 29,152 shares of the oil and gas company’s stock worth $3,503,000 after buying an additional 197 shares in the last quarter. Finally, Lido Advisors LLC grew its position in Phillips 66 by 7.2% during the third quarter. Lido Advisors LLC now owns 12,542 shares of the oil and gas company’s stock valued at $1,507,000 after buying an additional 845 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

PSX stock opened at $140.47 on Wednesday. Phillips 66 has a 1 year low of $94.51 and a 1 year high of $174.08. The firm has a market capitalization of $59.55 billion, a P/E ratio of 10.81, a P/E/G ratio of 2.12 and a beta of 1.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. The business’s 50-day moving average is $142.59 and its two-hundred day moving average is $144.90.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter in the prior year, the firm earned $4.21 EPS. Analysts anticipate that Phillips 66 will post 10.99 earnings per share for the current fiscal year.

Analyst Ratings Changes

PSX has been the subject of several research analyst reports. The Goldman Sachs Group upped their target price on Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Argus reaffirmed a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30th. TD Cowen reduced their target price on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, June 21st. Bank of America increased their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, Piper Sandler lowered their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $157.07.

Insider Buying and Selling at Phillips 66

In related news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by insiders.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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.