Eads & Heald Wealth Management Trims Stake in Phillips 66 (NYSE:PSX)

Eads & Heald Wealth Management trimmed its stake in Phillips 66 (NYSE:PSX) by 10.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,941 shares of the oil and gas company’s stock after selling 215 shares during the period. Eads & Heald Wealth Management’s holdings in Phillips 66 were worth $258,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Capital Advisors Group LLC. purchased a new position in shares of Phillips 66 during the second quarter valued at about $25,000. Cornerstone Planning Group LLC lifted its holdings in shares of Phillips 66 by 134.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after acquiring an additional 151 shares during the last quarter. Worth Asset Management LLC bought a new position in shares of Phillips 66 in the 1st quarter valued at about $32,000. Bruce G. Allen Investments LLC bought a new position in shares of Phillips 66 in the 4th quarter valued at about $36,000. Finally, Bell Investment Advisors Inc lifted its holdings in shares of Phillips 66 by 82.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock valued at $37,000 after acquiring an additional 138 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $146.58 per share, with a total value of $99,967.56. Following the purchase, the director now directly owns 1,900 shares in the company, valued at approximately $278,502. The acquisition was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Robert W. Pease acquired 682 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were purchased at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the acquisition, the director now owns 1,900 shares in the company, valued at approximately $278,502. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the sale, the executive vice president now owns 24,941 shares in the company, valued at $3,648,120.07. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,056 shares of company stock valued at $5,272,681. Corporate insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PSX. JPMorgan Chase & Co. increased their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Piper Sandler raised their price objective on shares of Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Bank of America raised their price objective on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Raymond James raised their price objective on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Finally, Scotiabank raised their price objective on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $156.86.

Phillips 66 Price Performance

Shares of PSX stock traded down $2.33 on Tuesday, reaching $158.49. 221,767 shares of the company were exchanged, compared to its average volume of 3,016,306. The company has a market cap of $67.81 billion, a price-to-earnings ratio of 10.40, a P/E/G ratio of 2.05 and a beta of 1.37. The business has a 50-day moving average price of $153.64 and a 200 day moving average price of $134.51. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.02 and a current ratio of 1.26. Phillips 66 has a 1 year low of $89.74 and a 1 year high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.37 by $0.72. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. The company had revenue of $38.74 billion during the quarter, compared to analysts’ expectations of $34.30 billion. Equities research analysts forecast that Phillips 66 will post 13.2 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 2.90%. The ex-dividend date is Friday, May 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 27.15%.

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.