Greenland Capital Management LP Sells 5,375 Shares of Phillips 66 $PSX

Greenland Capital Management LP lowered its stake in shares of Phillips 66 (NYSE:PSX) by 73.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,950 shares of the oil and gas company’s stock after selling 5,375 shares during the quarter. Greenland Capital Management LP’s holdings in Phillips 66 were worth $265,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Heck Capital Advisors LLC grew its holdings in shares of Phillips 66 by 1.2% during the 3rd quarter. Heck Capital Advisors LLC now owns 6,124 shares of the oil and gas company’s stock worth $833,000 after purchasing an additional 75 shares in the last quarter. Portside Wealth Group LLC lifted its position in Phillips 66 by 3.8% during the third quarter. Portside Wealth Group LLC now owns 2,033 shares of the oil and gas company’s stock worth $277,000 after purchasing an additional 75 shares during the period. Welch & Forbes LLC grew its stake in Phillips 66 by 1.1% during the third quarter. Welch & Forbes LLC now owns 7,123 shares of the oil and gas company’s stock worth $969,000 after buying an additional 76 shares in the last quarter. Magnus Financial Group LLC grew its stake in Phillips 66 by 2.5% during the third quarter. Magnus Financial Group LLC now owns 3,160 shares of the oil and gas company’s stock worth $430,000 after buying an additional 77 shares in the last quarter. Finally, Hemington Wealth Management increased its holdings in Phillips 66 by 15.7% in the 3rd quarter. Hemington Wealth Management now owns 576 shares of the oil and gas company’s stock valued at $78,000 after buying an additional 78 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent analyst reports. Scotiabank reaffirmed a “sector perform” rating and set a $140.00 price target on shares of Phillips 66 in a report on Friday, January 16th. Piper Sandler upped their target price on Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. The Goldman Sachs Group raised their target price on Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. decreased their price target on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 13th. Finally, Raymond James Financial upped their price objective on Phillips 66 from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of “Hold” and an average target price of $160.11.

Phillips 66 Stock Down 0.3%

Shares of PSX opened at $154.32 on Wednesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.87 and a current ratio of 1.30. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $163.79. The stock has a market capitalization of $61.84 billion, a price-to-earnings ratio of 14.26, a PEG ratio of 0.54 and a beta of 0.90. The stock has a fifty day moving average of $142.69 and a 200-day moving average of $136.69.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter in the previous year, the company posted ($0.15) EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be paid a $1.27 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, February 23rd. Phillips 66’s payout ratio is currently 46.95%.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brian Mandell sold 25,500 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,959,593.52. The trade was a 30.97% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,788 shares of company stock worth $6,067,250 in the last quarter. 0.22% of the stock is owned by insiders.

Phillips 66 Profile

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.