Phillips 66 $PSX Shares Sold by OFI Invest Asset Management

OFI Invest Asset Management lowered its stake in shares of Phillips 66 (NYSE:PSX) by 39.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 188,003 shares of the oil and gas company’s stock after selling 120,970 shares during the period. OFI Invest Asset Management’s holdings in Phillips 66 were worth $25,572,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in PSX. Elliott Investment Management L.P. raised its holdings in shares of Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the period. Vanguard Group Inc. increased its position in Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after purchasing an additional 5,978,841 shares in the last quarter. Chronos Wealth Management LLC purchased a new position in Phillips 66 in the second quarter valued at approximately $281,000. Edgestream Partners L.P. acquired a new position in Phillips 66 during the second quarter valued at approximately $4,952,000. Finally, Evergreen Wealth Solutions LLC purchased a new stake in Phillips 66 during the first quarter worth approximately $292,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the transaction, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the transaction, the chief financial officer directly owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This represents a 25.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 86,093 shares of company stock valued at $11,933,256 over the last ninety days. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of research reports. Morgan Stanley raised their target price on shares of Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research note on Friday, October 3rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday, October 8th. Wolfe Research raised their price objective on Phillips 66 from $158.00 to $160.00 and gave the company an “outperform” rating in a research report on Friday, December 5th. Evercore ISI boosted their price objective on Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. Finally, Cowen reiterated a “buy” rating on shares of Phillips 66 in a research note on Thursday, October 30th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $148.35.

Phillips 66 Stock Up 0.1%

Shares of NYSE PSX opened at $129.06 on Tuesday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $144.96. The stock’s 50-day simple moving average is $135.83 and its 200-day simple moving average is $130.24. The firm has a market cap of $52.00 billion, a price-to-earnings ratio of 35.26, a PEG ratio of 0.67 and a beta of 0.92.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The firm had revenue of $33.69 billion during the quarter, compared to analyst estimates of $32.29 billion. During the same quarter last year, the firm earned $2.04 EPS. As a group, equities analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 1st. Investors of record on Monday, November 17th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Monday, November 17th. Phillips 66’s payout ratio is 131.15%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.