Phillips 66 (NYSE:PSX) Shares Sold by Modera Wealth Management LLC

Modera Wealth Management LLC trimmed its holdings in Phillips 66 (NYSE:PSX) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,613 shares of the oil and gas company’s stock after selling 152 shares during the period. Modera Wealth Management LLC’s holdings in Phillips 66 were worth $606,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Manning & Napier Advisors LLC purchased a new position in shares of Phillips 66 in the 2nd quarter worth about $17,670,000. M&G Plc purchased a new position in shares of Phillips 66 in the 2nd quarter worth about $3,596,000. Duality Advisers LP purchased a new position in shares of Phillips 66 in the 1st quarter worth about $3,596,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Phillips 66 by 42.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after purchasing an additional 39,775 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of Phillips 66 by 69.8% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock worth $6,175,000 after purchasing an additional 15,542 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the business’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 completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on PSX. TD Cowen cut their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Morgan Stanley dropped their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Raymond James raised their target price on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Scotiabank dropped their target price on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Barclays dropped their target price on Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 8th. Five investment 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, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $149.50.

Phillips 66 Price Performance

Shares of PSX opened at $128.89 on Tuesday. The firm has a market cap of $53.95 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 5.47 and a beta of 1.33. The stock has a 50 day moving average of $132.22 and a 200-day moving average of $138.59. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 52 week low of $109.86 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last issued its 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 company had revenue of $38.91 billion during 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%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.87 EPS. As a group, analysts forecast that Phillips 66 will post 7.81 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.57%. Phillips 66’s payout ratio is 39.45%.

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.