Wealthspire Advisors LLC Has $1.50 Million Stake in Phillips 66 (NYSE:PSX)

Wealthspire Advisors LLC reduced its position in Phillips 66 (NYSE:PSX) by 6.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,598 shares of the oil and gas company’s stock after selling 770 shares during the quarter. Wealthspire Advisors LLC’s holdings in Phillips 66 were worth $1,496,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Crewe Advisors LLC acquired a new stake in Phillips 66 in the first quarter valued at about $25,000. Keener Financial Planning LLC bought a new position in shares of Phillips 66 in the first quarter worth about $26,000. Strategic Financial Concepts LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new stake in shares of Phillips 66 during the 4th quarter valued at approximately $27,000. Finally, Redmont Wealth Advisors LLC acquired a new position in Phillips 66 during the 1st quarter worth approximately $28,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Scotiabank cut 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 report on Friday, July 12th. Wells Fargo & Company boosted their price objective on Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 3rd. TD Cowen dropped their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a report on Tuesday, July 2nd. Finally, Barclays raised their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $156.92.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $126.70 on Monday. The business has a 50-day moving average price of $135.79 and a two-hundred day moving average price of $144.18. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The company has a market cap of $53.71 billion, a P/E ratio of 9.75, a PEG ratio of 4.50 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same period in the prior year, the firm earned $3.87 earnings per share. Phillips 66’s revenue was up 8.9% on a year-over-year basis. As a group, analysts anticipate that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.63%. Phillips 66’s payout ratio is currently 35.38%.

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.