State of Michigan Retirement System Sells 1,700 Shares of Phillips 66 (NYSE:PSX)

State of Michigan Retirement System cut its holdings in Phillips 66 (NYSE:PSX) by 1.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 116,112 shares of the oil and gas company’s stock after selling 1,700 shares during the period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $16,392,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Crewe Advisors LLC bought a new stake in Phillips 66 during the first quarter worth approximately $25,000. Keener Financial Planning LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at approximately $26,000. Redmont Wealth Advisors LLC purchased a new stake in Phillips 66 during the 1st quarter valued at $28,000. Ruedi Wealth Management Inc. lifted its position in 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 last quarter. Finally, Ables Iannone Moore & Associates Inc. bought a new position in Phillips 66 during the 4th quarter worth about $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.22% of the company’s stock.

Phillips 66 Stock Down 0.1 %

PSX stock opened at $135.23 on Tuesday. The stock has a market capitalization of $57.33 billion, a PE ratio of 10.40, a price-to-earnings-growth ratio of 2.43 and a beta of 1.34. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The firm has a 50 day moving average of $137.88 and a 200 day moving average of $145.48.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results 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. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company posted $3.87 earnings per share. Sell-side analysts forecast that Phillips 66 will post 9.53 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be paid a dividend of $1.15 per share. The ex-dividend date is Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.40%. Phillips 66’s payout ratio is presently 35.38%.

Analysts Set New Price Targets

PSX has been the topic of a number of recent research reports. 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. Piper Sandler reduced their price target 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. Raymond James raised their price objective on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Wolfe Research initiated coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Scotiabank cut their price objective on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $157.38.

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.