1832 Asset Management L.P. Sells 153,911 Shares of Phillips 66 (NYSE:PSX)

1832 Asset Management L.P. lowered its holdings in shares of Phillips 66 (NYSE:PSX) by 84.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,110 shares of the oil and gas company’s stock after selling 153,911 shares during the quarter. 1832 Asset Management L.P.’s holdings in Phillips 66 were worth $3,968,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in Phillips 66 during the first quarter valued at approximately $25,000. Keener Financial Planning LLC purchased a new position in shares of Phillips 66 during the first quarter valued at approximately $26,000. Redmont Wealth Advisors LLC bought a new position in shares of Phillips 66 during the first quarter valued at approximately $28,000. Ruedi Wealth Management Inc. raised its holdings in shares of Phillips 66 by 102.1% in the first quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after buying an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on PSX shares. Morgan Stanley cut their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Piper Sandler cut their price target on shares of Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Scotiabank dropped their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, Argus reiterated a “buy” rating and set a $167.00 price objective on shares of Phillips 66 in a research note on Thursday, May 30th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $154.21.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

Shares of PSX opened at $129.52 on Wednesday. The stock has a 50-day moving average of $134.81 and a two-hundred day moving average of $143.38. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. The stock has a market cap of $54.21 billion, a P/E ratio of 9.96, a P/E/G ratio of 5.26 and a beta of 1.33. Phillips 66 has a one year low of $107.85 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the prior year, the firm earned $3.87 earnings per share. Phillips 66’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, research analysts predict that Phillips 66 will post 8.31 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a dividend yield of 3.55%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Phillips 66 Company Profile

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.