Park Avenue Securities LLC Lowers Position in Phillips 66 (NYSE:PSX)

Park Avenue Securities LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 13.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 43,869 shares of the oil and gas company’s stock after selling 6,856 shares during the quarter. Park Avenue Securities LLC’s holdings in Phillips 66 were worth $5,767,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC lifted its holdings in shares of Phillips 66 by 6.5% in the 4th quarter. CIBC Private Wealth Group LLC now owns 60,680 shares of the oil and gas company’s stock valued at $8,079,000 after buying an additional 3,694 shares during the period. Cetera Advisor Networks LLC boosted its position in shares of Phillips 66 by 2.4% during the 4th quarter. Cetera Advisor Networks LLC now owns 68,939 shares of the oil and gas company’s stock worth $9,179,000 after purchasing an additional 1,644 shares in the last quarter. Stephens Inc. AR grew its stake in shares of Phillips 66 by 0.6% during the 4th quarter. Stephens Inc. AR now owns 14,608 shares of the oil and gas company’s stock worth $1,945,000 after purchasing an additional 87 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Phillips 66 by 1.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 1,969,578 shares of the oil and gas company’s stock valued at $262,230,000 after purchasing an additional 22,769 shares in the last quarter. Finally, Morningstar Investment Services LLC purchased a new position in shares of Phillips 66 in the 4th quarter valued at about $351,000. 76.93% of the stock is 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 that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Trading Down 0.2 %

Shares of Phillips 66 stock traded down $0.31 during trading hours on Friday, hitting $138.62. The company’s stock had a trading volume of 2,468,549 shares, compared to its average volume of 2,733,967. The business has a fifty day moving average of $133.83 and a 200 day moving average of $142.39. Phillips 66 has a 1-year low of $107.85 and a 1-year 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 company has a market capitalization of $58.77 billion, a PE ratio of 10.66, a P/E/G ratio of 5.28 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.87 EPS. As a group, equities analysts forecast that Phillips 66 will post 8.27 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent analyst reports. Morgan Stanley lowered their target price on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Piper Sandler lowered their price target on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating on the stock in a report on Friday, September 20th. Barclays lifted their price objective on Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Wells Fargo & Company upped their target price on Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Finally, TD Cowen cut their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $152.71.

Phillips 66 Company 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.