Wallington Asset Management LLC Cuts Holdings in Phillips 66 $PSX

Wallington Asset Management LLC lowered its position in Phillips 66 (NYSE:PSX) by 2.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 132,695 shares of the oil and gas company’s stock after selling 3,937 shares during the quarter. Phillips 66 comprises about 3.2% of Wallington Asset Management LLC’s portfolio, making the stock its 9th largest position. Wallington Asset Management LLC’s holdings in Phillips 66 were worth $24,174,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Board of the Pension Protection Fund purchased a new position in Phillips 66 during the 4th quarter valued at $26,000. Accordant Advisory Group Inc increased its stake in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the 4th quarter valued at about $27,000. SWAN Capital LLC boosted its position in Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 190 shares during the period. Finally, Stephens Consulting LLC grew its stake in Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 90 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kevin Omar Meyers acquired 175 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by insiders.

Phillips 66 Stock Performance

NYSE:PSX opened at $171.84 on Monday. The company has a market cap of $68.90 billion, a P/E ratio of 16.93, a P/E/G ratio of 0.24 and a beta of 0.68. Phillips 66 has a twelve month low of $118.00 and a twelve month high of $190.61. The company’s 50-day moving average price is $172.94 and its 200-day moving average price is $160.16. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the company posted ($0.90) earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts forecast that Phillips 66 will post 18.22 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 3.0%. Phillips 66’s dividend payout ratio (DPR) is 50.05%.

Analyst Ratings Changes

A number of brokerages have commented on PSX. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Barclays lifted their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 8th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Morgan Stanley raised their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, TD Cowen lifted their price objective on Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $192.33.

Phillips 66 Company 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.