Bleakley Financial Group LLC Lowers Stake in Phillips 66 (NYSE:PSX)

Bleakley Financial Group LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 3.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,595 shares of the oil and gas company’s stock after selling 332 shares during the quarter. Bleakley Financial Group LLC’s holdings in Phillips 66 were worth $1,130,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PSX. Crewe Advisors LLC purchased a new position in Phillips 66 in the 1st quarter worth $25,000. Keener Financial Planning LLC purchased a new position in shares of Phillips 66 in the first quarter valued at about $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Phillips 66 in the first quarter valued at about $28,000. Ruedi Wealth Management Inc. increased its position 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 valued at $31,000 after acquiring an additional 96 shares during the period. Finally, nVerses Capital LLC purchased a new position in shares of Phillips 66 in the third quarter valued at about $26,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on PSX. Bank of America assumed coverage on shares of Phillips 66 in a research report on Thursday. They issued a “buy” rating and a $156.00 price objective on the stock. Wolfe Research assumed coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho dropped their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Wells Fargo & Company lowered their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Finally, Raymond James increased their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $149.50.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Trading Down 0.6 %

NYSE:PSX opened at $132.60 on Monday. The firm has a 50-day simple moving average of $133.18 and a 200-day simple moving average of $140.20. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a one year low of $107.85 and a one year high of $174.08. The firm has a market cap of $56.22 billion, a P/E ratio of 10.20, a P/E/G ratio of 5.75 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the previous year, the firm earned $3.87 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities analysts anticipate that Phillips 66 will post 7.85 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.47%. Phillips 66’s dividend payout ratio is currently 35.38%.

Phillips 66 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.