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

Chevy Chase Trust Holdings LLC lessened its holdings in Phillips 66 (NYSE:PSX) by 4.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm 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 owned 0.05% of Phillips 66 worth $28,452,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in PSX. Evolution Wealth Management Inc. bought a new position in shares of Phillips 66 in the second quarter valued at about $25,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Phillips 66 during the 2nd quarter worth about $32,000. Winnow Wealth LLC bought a new stake in shares of Phillips 66 during the 3rd quarter worth about $36,000. Wealth Watch Advisors INC bought a new stake in shares of Phillips 66 during the 3rd quarter worth about $36,000. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Phillips 66 in the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE PSX opened at $173.56 on Tuesday. The firm’s 50 day simple moving average is $152.11 and its 200 day simple moving average is $140.46. The firm has a market capitalization of $69.55 billion, a price-to-earnings ratio of 16.04, a P/E/G ratio of 0.60 and a beta of 0.86. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $178.38. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62.

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

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were given a $1.27 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Insider Activity at Phillips 66

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the transaction, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Brian Mandell sold 42,800 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $10,442,200.35. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 84,688 shares of company stock worth $14,066,145 over the last 90 days. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $170.00 price target on shares of Phillips 66 in a report on Friday, February 6th. Morgan Stanley lifted their price target on Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a report on Saturday. Wolfe Research boosted their target price on shares of Phillips 66 from $159.00 to $164.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Finally, Barclays set a $158.00 price target on shares of Phillips 66 in a research note on Friday, February 20th. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat, Phillips 66 presently has an average rating of “Hold” and a consensus price target of $161.33.

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.