Xponance Inc. Trims Holdings in Phillips 66 (NYSE:PSX)

Xponance Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 18.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 58,282 shares of the oil and gas company’s stock after selling 13,463 shares during the period. Xponance Inc.’s holdings in Phillips 66 were worth $7,760,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Bornite Capital Management LP bought a new position in Phillips 66 during the first quarter worth $8,639,000. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Phillips 66 by 316.2% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock worth $570,000 after purchasing an additional 5,012 shares during the last quarter. Synovus Financial Corp lifted its stake in Phillips 66 by 5.1% during the first quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock worth $1,405,000 after purchasing an additional 788 shares during the last quarter. Cibc World Market Inc. lifted its stake in Phillips 66 by 61.9% during the first quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock worth $625,000 after purchasing an additional 2,766 shares during the last quarter. Finally, Blair William & Co. IL lifted its stake in Phillips 66 by 103.8% during the first quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock worth $4,625,000 after purchasing an additional 27,267 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $154.74 on Friday. Phillips 66 has a fifty-two week low of $89.74 and a fifty-two week high of $174.08. The firm’s 50-day simple moving average is $154.40 and its 200 day simple moving average is $135.31. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The stock has a market cap of $66.20 billion, a P/E ratio of 10.00, a P/E/G ratio of 1.90 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. The business had revenue of $38.74 billion for the quarter, compared to analysts’ expectations of $34.30 billion. Equities analysts expect that Phillips 66 will post 13.45 EPS for the current year.

Phillips 66 Increases Dividend

The business 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 is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend is Friday, May 17th. Phillips 66’s payout ratio is currently 27.15%.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Phillips 66 news, Director Robert W. Pease purchased 682 shares of the company’s stock in a transaction on 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 completion of the transaction, the director now owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated 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 completion of 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. Insiders have sold a total of 35,056 shares of company stock worth $5,272,681 over the last ninety days. 0.22% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PSX. Citigroup began coverage on Phillips 66 in a research note on Wednesday, January 24th. They set a “buy” rating on the stock. JPMorgan Chase & Co. raised their target price on Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research note on Monday, April 1st. Barclays boosted their price target on shares of Phillips 66 from $139.00 to $155.00 and gave the company an “equal weight” rating in a report on Thursday. Raymond James boosted their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, Piper Sandler boosted their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $158.00.

Phillips 66 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.