Traders Sell Phillips 66 (PSX) on Strength Following Insider Selling
Traders sold shares of Phillips 66 (NYSE:PSX) on strength during trading hours on Wednesday after an insider sold shares in the company. $50.53 million flowed into the stock on the tick-up and $137.77 million flowed out of the stock on the tick-down, for a money net flow of $87.24 million out of the stock. Of all companies tracked, Phillips 66 had the 0th highest net out-flow for the day. Phillips 66 traded up $0.69 for the day and closed at $83.08Specifically, Chairman Greg C. Garland sold 76,165 shares of the stock in a transaction dated Thursday, November 10th. The stock was sold at an average price of $83.48, for a total value of $6,358,254.20. Following the completion of the sale, the chairman now directly owns 96,325 shares in the company, valued at $8,041,211. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Timothy Garth Taylor sold 27,260 shares of the stock in a transaction dated Wednesday, November 16th. The shares were sold at an average price of $82.91, for a total value of $2,260,126.60. Following the completion of the sale, the president now owns 68,878 shares of the company’s stock, valued at $5,710,674.98. The disclosure for this sale can be found here. 0.05% of the stock is owned by company insiders.
A number of equities research analysts have commented on the company. Jefferies Group set a $72.00 price target on Phillips 66 and gave the company a “hold” rating in a research note on Saturday, October 15th. Zacks Investment Research raised Phillips 66 from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 28th. Vetr raised Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.87 price objective on the stock in a report on Monday, September 12th. Barclays PLC reissued an “equal weight” rating and issued a $84.00 price objective (down from $86.00) on shares of Phillips 66 in a report on Monday, October 10th. Finally, Cowen and Company raised Phillips 66 from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $76.15 to $92.00 in a report on Wednesday, August 3rd. Fourteen analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $86.12.
The company has a 50-day moving average price of $81.39 and a 200 day moving average price of $79.21. The company has a market cap of $43.27 billion, a PE ratio of 21.75 and a beta of 1.35.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, October 28th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.17. Phillips 66 had a return on equity of 8.86% and a net margin of 2.43%. During the same period in the previous year, the company posted $3.02 EPS. Analysts forecast that Phillips 66 will post $3.42 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date is Tuesday, November 15th. Phillips 66’s payout ratio is currently 66.14%.
A number of large investors have recently bought and sold shares of PSX. Barrow Hanley Mewhinney & Strauss LLC raised its stake in Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock worth $1,155,404,000 after buying an additional 459,964 shares during the last quarter. BlackRock Fund Advisors raised its stake in Phillips 66 by 6.9% in the second quarter. BlackRock Fund Advisors now owns 7,109,567 shares of the company’s stock worth $564,073,000 after buying an additional 457,220 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Phillips 66 by 1.8% in the second quarter. Dimensional Fund Advisors LP now owns 5,145,924 shares of the company’s stock worth $408,293,000 after buying an additional 91,054 shares during the last quarter. Morgan Stanley raised its stake in Phillips 66 by 6.0% in the third quarter. Morgan Stanley now owns 4,989,675 shares of the company’s stock worth $401,918,000 after buying an additional 283,861 shares during the last quarter. Finally, Aristotle Capital Management LLC raised its stake in Phillips 66 by 2.1% in the second quarter. Aristotle Capital Management LLC now owns 3,050,325 shares of the company’s stock worth $242,013,000 after buying an additional 63,601 shares during the last quarter. 68.27% of the stock is currently owned by hedge funds and other institutional investors.
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About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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