CWA Asset Management Group LLC cut its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 45.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,124 shares of the oil and gas company’s stock after selling 1,784 shares during the quarter. CWA Asset Management Group LLC’s holdings in Phillips 66 were worth $262,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Oppenheimer & Co. Inc. increased its holdings in shares of Phillips 66 by 10.6% during the 4th quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock worth $5,349,000 after acquiring an additional 4,515 shares during the last quarter. Cohen & Steers Inc. increased its holdings in shares of Phillips 66 by 40.3% during the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company’s stock worth $10,443,000 after acquiring an additional 26,318 shares during the last quarter. American Assets Investment Management LLC boosted its stake in Phillips 66 by 2.3% in the 4th quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company’s stock valued at $14,902,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Inc. bought a new stake in Phillips 66 in the 4th quarter valued at $168,790,000. Finally, Bank OZK boosted its stake in Phillips 66 by 30.2% in the 4th quarter. Bank OZK now owns 10,855 shares of the oil and gas company’s stock valued at $1,237,000 after purchasing an additional 2,521 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Phillips 66
In related news, Director Robert W. Pease purchased 439 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was bought at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president now directly owns 56,838 shares of the company’s stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.
Phillips 66 Price Performance
Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same period last year, the firm posted $1.90 EPS. On average, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.
Phillips 66 Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were issued a dividend of $1.20 per share. The ex-dividend date was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.84%. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s payout ratio is 109.34%.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on PSX. UBS Group reduced their price target on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Mizuho boosted their price target on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a research note on Tuesday, May 13th. Barclays boosted their price target on Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a research note on Monday, May 12th. Evercore ISI began coverage on Phillips 66 in a research note on Wednesday. They issued an “outperform” rating and a $130.00 price target for the company. Finally, Compass Point began coverage on Phillips 66 in a research note on Wednesday. They issued a “buy” rating for the company. Eight research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $133.93.
Check Out Our Latest Stock Report on PSX
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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