Phillips 66 $PSX Stake Lowered by SteelPeak Wealth LLC

SteelPeak Wealth LLC cut its stake in Phillips 66 (NYSE:PSX) by 33.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,029 shares of the oil and gas company’s stock after selling 11,448 shares during the quarter. SteelPeak Wealth LLC’s holdings in Phillips 66 were worth $3,132,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Phillips 66 by 14.8% in 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 during the last quarter. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after buying an additional 3,526,000 shares during the last quarter. Geode Capital Management LLC raised its position in Phillips 66 by 17.4% during the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after acquiring an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after acquiring an additional 537,245 shares during the last quarter. Finally, Norges Bank bought a new stake in Phillips 66 in the second quarter worth approximately $523,755,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Trading Up 1.2%

Phillips 66 stock opened at $130.56 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. The business’s 50-day simple moving average is $135.45 and its 200-day simple moving average is $130.67. The firm has a market capitalization of $52.60 billion, a PE ratio of 35.67, a PEG ratio of 0.34 and a beta of 0.90. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $144.96.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.38. The firm had revenue of $33.69 billion during the quarter, compared to the consensus estimate of $32.29 billion. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.During the same quarter in the prior year, the company earned $2.04 EPS. Equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

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

Analysts Set New Price Targets

PSX has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Wolfe Research raised their target price on Phillips 66 from $158.00 to $160.00 and gave the company an “outperform” rating in a report on Friday, December 5th. TD Cowen upped their price target on Phillips 66 from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Wells Fargo & Company increased their price objective on Phillips 66 from $154.00 to $162.00 and gave the company an “overweight” rating in a report on Thursday, October 30th. Finally, Barclays boosted their target price on Phillips 66 from $132.00 to $141.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $147.82.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 26,200 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,825,455.84. The trade was a 31.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction dated Friday, November 7th. The shares were 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 $12,388,398. This represents a 25.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 81,700 shares of company stock worth $11,318,236 in the last ninety days. 0.22% of the stock is currently owned by insiders.

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.