Lee Danner & Bass Inc. Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

Lee Danner & Bass Inc. lessened its position in Phillips 66 (NYSE:PSX) by 5.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,776 shares of the oil and gas company’s stock after selling 570 shares during the quarter. Lee Danner & Bass Inc.’s holdings in Phillips 66 were worth $1,302,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in PSX. Jennison Associates LLC lifted its holdings in Phillips 66 by 15.1% in the 4th quarter. Jennison Associates LLC now owns 5,621 shares of the oil and gas company’s stock valued at $748,000 after purchasing an additional 738 shares in the last quarter. MCF Advisors LLC lifted its stake in shares of Phillips 66 by 1.6% in the fourth quarter. MCF Advisors LLC now owns 6,731 shares of the oil and gas company’s stock worth $896,000 after buying an additional 104 shares in the last quarter. OLD National Bancorp IN boosted its position in Phillips 66 by 28.5% during the fourth quarter. OLD National Bancorp IN now owns 8,824 shares of the oil and gas company’s stock worth $1,175,000 after acquiring an additional 1,957 shares during the last quarter. Commerzbank Aktiengesellschaft FI grew its stake in Phillips 66 by 5.4% during the 4th quarter. Commerzbank Aktiengesellschaft FI now owns 8,642 shares of the oil and gas company’s stock valued at $1,151,000 after acquiring an additional 445 shares in the last quarter. Finally, LRT Capital Management LLC acquired a new stake in Phillips 66 in the 4th quarter valued at about $2,487,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

NYSE:PSX opened at $157.05 on Tuesday. Phillips 66 has a fifty-two week low of $89.74 and a fifty-two week high of $174.08. The company has a 50 day moving average price of $154.65 and a 200 day moving average price of $135.96. The stock has a market capitalization of $67.19 billion, a P/E ratio of 10.15, a PEG ratio of 1.92 and a beta of 1.37. 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 (NYSE:PSX) last announced its earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. The company had revenue of $38.74 billion during the quarter, compared to analysts’ expectations of $34.30 billion. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. Equities research analysts forecast that Phillips 66 will post 13.45 EPS for the current 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 issued a $1.15 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.93%. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is 27.15%.

Insider Buying and Selling

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were 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 directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert W. Pease purchased 682 shares of Phillips 66 stock in a transaction on Thursday, February 15th. The stock was bought at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the transaction, the director now directly owns 1,900 shares in the company, valued at $278,502. The disclosure for this purchase can be found here. Insiders have sold a total of 35,056 shares of company stock valued at $5,272,681 in the last ninety days. Company insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PSX shares. Mizuho lowered their target price on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Wells Fargo & Company upped their target price on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Piper Sandler raised their target price on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, April 18th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research report on Monday, April 1st. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $158.00.

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.