Phillips 66 (NYSE:PSX) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 19.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 42,063 shares of the oil and gas company’s stock after selling 9,995 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Phillips 66 were worth $5,938,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter worth about $559,435,000. Bank of New York Mellon Corp grew its position in Phillips 66 by 38.0% in the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock worth $1,309,954,000 after purchasing an additional 2,209,043 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Phillips 66 by 20.3% in the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. Boston Partners raised its holdings in shares of Phillips 66 by 41.4% during the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after buying an additional 1,595,722 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock worth $6,741,218,000 after buying an additional 1,578,669 shares during the period. Institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on PSX shares. JPMorgan Chase & Co. cut their target price on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Argus restated a “buy” rating and set a $167.00 price objective on shares of Phillips 66 in a research note on Thursday, May 30th. Wells Fargo & Company increased their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a research report on Tuesday, September 3rd. Barclays boosted their price target on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Piper Sandler decreased their price objective on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $156.92.

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 on 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 sale, the chief financial officer now 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 SEC, which is accessible through this link. Company insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 0.8 %

Shares of Phillips 66 stock opened at $126.70 on Friday. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08. The firm has a market capitalization of $53.03 billion, a PE ratio of 9.75, a price-to-earnings-growth ratio of 4.50 and a beta of 1.33. 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 stock’s fifty day moving average is $135.79 and its 200-day moving average is $144.16.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates 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 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 period in the prior year, the firm earned $3.87 earnings per share. Equities analysts anticipate that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

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