Phillips 66 (NYSE:PSX) Shares Sold by Bryn Mawr Capital Management LLC

Bryn Mawr Capital Management LLC cut its stake in shares of Phillips 66 (NYSE:PSX) by 34.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 79,265 shares of the oil and gas company’s stock after selling 42,523 shares during the quarter. Bryn Mawr Capital Management LLC’s holdings in Phillips 66 were worth $10,553,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in Phillips 66 in the fourth quarter worth $254,336,000. Bank of New York Mellon Corp raised its position in Phillips 66 by 12.4% in the third quarter. Bank of New York Mellon Corp now owns 4,570,590 shares of the oil and gas company’s stock worth $549,156,000 after acquiring an additional 502,785 shares in the last quarter. Bahl & Gaynor Inc. raised its position in Phillips 66 by 41.2% in the third quarter. Bahl & Gaynor Inc. now owns 1,506,861 shares of the oil and gas company’s stock worth $181,049,000 after acquiring an additional 439,360 shares in the last quarter. Acadian Asset Management LLC increased its position in shares of Phillips 66 by 1,038.3% in the third quarter. Acadian Asset Management LLC now owns 472,208 shares of the oil and gas company’s stock valued at $56,720,000 after buying an additional 430,723 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its position in shares of Phillips 66 by 53.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,214,738 shares of the oil and gas company’s stock valued at $145,951,000 after buying an additional 421,714 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Down 3.6 %

Shares of PSX stock opened at $151.52 on Friday. The stock has a 50-day simple moving average of $155.55 and a 200 day simple moving average of $136.88. Phillips 66 has a fifty-two week low of $89.74 and a fifty-two week high of $174.08. The stock has a market capitalization of $64.82 billion, a P/E ratio of 9.79, a P/E/G ratio of 1.90 and a beta of 1.37. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. During the same period in the prior year, the firm posted $4.21 EPS. On average, sell-side analysts expect that Phillips 66 will post 13.77 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.04%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s dividend payout ratio is currently 27.15%.

Analysts Set New Price Targets

A number of analysts recently commented on PSX shares. Citigroup started coverage on Phillips 66 in a research note on Wednesday, January 24th. They set a “buy” rating on the stock. Raymond James increased their price objective on Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Piper Sandler increased their price objective on Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Wells Fargo & Company raised their price target on Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Finally, The Goldman Sachs Group raised their price target on Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Five investment 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, the company currently has an average rating of “Moderate Buy” and an average price target of $158.00.

Insider Activity

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

About Phillips 66

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.