Chapin Davis Inc. Reduces Holdings in Phillips 66 (NYSE:PSX)

Chapin Davis Inc. decreased its position in shares of Phillips 66 (NYSE:PSX) by 8.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,405 shares of the oil and gas company’s stock after selling 135 shares during the period. Chapin Davis Inc.’s holdings in Phillips 66 were worth $229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. purchased a new stake in Phillips 66 during the 4th quarter worth $27,000. First United Bank & Trust purchased a new stake in Phillips 66 during the 4th quarter worth $31,000. Signature Resources Capital Management LLC acquired a new position in Phillips 66 during the 4th quarter worth $33,000. Bruce G. Allen Investments LLC acquired a new position in Phillips 66 during the 4th quarter worth $36,000. Finally, Gladius Capital Management LP acquired a new position in Phillips 66 during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.2 %

PSX stock opened at $140.93 on Tuesday. Phillips 66 has a 52 week low of $94.51 and a 52 week high of $174.08. The company has a market capitalization of $59.75 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 2.12 and a beta of 1.34. The firm’s 50-day moving average is $142.91 and its two-hundred day moving average is $144.83. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 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 company had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter last year, the firm posted $4.21 earnings per share. On average, analysts forecast that Phillips 66 will post 11.08 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.26%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Friday, May 17th. Phillips 66’s payout ratio is 35.38%.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PSX. Barclays decreased their price objective on shares of Phillips 66 from $147.00 to $142.00 and set an “equal weight” rating for the company in a report on Monday. Argus reaffirmed a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. The Goldman Sachs Group lifted their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. TD Cowen decreased their price target on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, June 21st. Finally, Bank of America lifted their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $157.43.

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.