Hexagon Capital Partners LLC Trims Stock Position in Phillips 66 (NYSE:PSX)

Hexagon Capital Partners LLC cut its holdings in Phillips 66 (NYSE:PSX) by 5.6% during the first quarter, HoldingsChannel reports. The fund owned 1,863 shares of the oil and gas company’s stock after selling 111 shares during the period. Hexagon Capital Partners LLC’s holdings in Phillips 66 were worth $304,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Ables Iannone Moore & Associates Inc. acquired a new position in shares of Phillips 66 in the 4th quarter valued at $27,000. First United Bank & Trust purchased a new stake in Phillips 66 in the 4th quarter valued at about $31,000. Rise Advisors LLC acquired a new position in Phillips 66 in the first quarter valued at about $40,000. Signature Resources Capital Management LLC purchased a new position in Phillips 66 during the fourth quarter worth about $33,000. Finally, Bruce G. Allen Investments LLC acquired a new stake in shares of Phillips 66 during the fourth quarter valued at about $36,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the firm’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 transaction of $5,502,783.60. Following the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

Shares of PSX opened at $140.93 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. The firm’s fifty day simple moving average is $142.91 and its 200-day simple moving average is $144.83. The firm has a market capitalization of $59.75 billion, a price-to-earnings ratio of 10.84, a PEG ratio of 2.12 and a beta of 1.34. Phillips 66 has a twelve month low of $94.51 and a twelve month high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The business had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the prior year, the business earned $4.21 earnings per share. Equities analysts forecast that Phillips 66 will post 11.08 EPS for the current fiscal year.

Phillips 66 Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PSX shares. TD Cowen decreased their price objective on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, June 21st. Raymond James dropped their price objective on Phillips 66 from $163.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Barclays decreased their target price on Phillips 66 from $147.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Monday. Bank of America lifted their target price on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Finally, Wells Fargo & Company upped their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price 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.