Phillips 66 (PSX) Holdings Trimmed by Wetherby Asset Management Inc.
Wetherby Asset Management Inc. lessened its holdings in Phillips 66 (NYSE:PSX) by 1.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 11,773 shares of the oil and gas company’s stock after selling 184 shares during the quarter. Wetherby Asset Management Inc.’s holdings in Phillips 66 were worth $1,121,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Harvest Group Wealth Management LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $31,000. Burt Wealth Advisors lifted its holdings in shares of Phillips 66 by 285.7% during the first quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 300 shares during the period. Proficio Capital Partners LLC lifted its holdings in shares of Phillips 66 by 46.1% during the fourth quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 137 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Phillips 66 during the fourth quarter worth about $37,000. Finally, Truehand Inc acquired a new stake in shares of Phillips 66 during the fourth quarter worth about $40,000. 70.58% of the stock is owned by institutional investors and hedge funds.
PSX has been the subject of a number of research reports. Argus decreased their target price on Phillips 66 to $116.00 and set a “buy” rating for the company in a report on Thursday, February 14th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “buy” rating in a report on Friday, February 8th. Bank of America raised Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 target price for the company in a report on Monday, April 29th. They noted that the move was a valuation call. Morgan Stanley decreased their target price on Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a report on Friday, May 17th. Finally, Jefferies Financial Group downgraded Phillips 66 from a “buy” rating to a “hold” rating and lifted their target price for the stock from $105.00 to $107.00 in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $119.42.
NYSE:PSX traded up $0.67 during trading hours on Friday, reaching $82.94. The company had a trading volume of 2,661,630 shares, compared to its average volume of 2,668,848. Phillips 66 has a 1-year low of $78.44 and a 1-year high of $123.97. The company has a market capitalization of $39.08 billion, a PE ratio of 7.08, a PEG ratio of 1.40 and a beta of 0.91. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.06. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. The company had revenue of $23.66 billion during the quarter, compared to the consensus estimate of $24.66 billion. During the same period in the previous year, the company posted $1.04 earnings per share. Equities research analysts predict that Phillips 66 will post 7.26 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a $0.90 dividend. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $0.80. This represents a $3.60 dividend on an annualized basis and a yield of 4.34%. Phillips 66’s payout ratio is presently 30.74%.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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