Chevy Chase Trust Holdings LLC Has $28.45 Million Stock Position in Phillips 66 $PSX

Chevy Chase Trust Holdings LLC lowered its holdings in shares of Phillips 66 (NYSE:PSX) by 4.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 209,177 shares of the oil and gas company’s stock after selling 8,740 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Phillips 66 were worth $28,452,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Elliott Investment Management L.P. lifted its stake in shares of 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 acquiring an additional 3,526,000 shares during the period. Oppenheimer & Co. Inc. increased its position in Phillips 66 by 57.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock valued at $7,734,000 after purchasing an additional 20,742 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Phillips 66 by 5.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock valued at $28,523,000 after purchasing an additional 10,000 shares during the period. First National Bank of Omaha bought a new position in Phillips 66 during the 3rd quarter worth approximately $2,357,000. Finally, Vanguard Group Inc. raised its holdings 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 during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In other news, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the sale, the director directly owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Don Baldridge sold 7,500 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the sale, the executive vice president directly owned 38,488 shares of the company’s stock, valued at $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 84,688 shares of company stock worth $14,066,145. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

Shares of PSX stock opened at $173.56 on Tuesday. The firm has a 50 day moving average of $152.11 and a 200-day moving average of $140.46. The company has a market cap of $69.55 billion, a price-to-earnings ratio of 16.04, a price-to-earnings-growth ratio of 0.60 and a beta of 0.86. The company has a quick ratio of 0.91, a current ratio of 1.30 and a debt-to-equity ratio of 0.62. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $178.38.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate 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 net margin of 3.22% and a return on equity of 9.13%. During the same period in the prior year, the firm earned ($0.15) earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were issued a dividend of $1.27 per share. 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 2.9%. The ex-dividend date was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is currently 46.95%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PSX. The Goldman Sachs Group upped their price objective on shares of Phillips 66 from $168.00 to $186.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday. TD Cowen reaffirmed a “buy” rating on shares of Phillips 66 in a research report on Friday, February 6th. Wolfe Research increased their price target on Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $161.33.

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.