Corient Private Wealth LLC Cuts Position in Phillips 66 $PSX

Corient Private Wealth LLC trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 5.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 724,532 shares of the oil and gas company’s stock after selling 40,092 shares during the period. Corient Private Wealth LLC’s holdings in Phillips 66 were worth $93,504,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Clifford Group LLC lifted its holdings in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after acquiring an additional 64 shares in the last quarter. CYBER HORNET ETFs LLC increased its holdings in Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock valued at $158,000 after purchasing an additional 66 shares in the last quarter. GHP Investment Advisors Inc. increased its holdings in Phillips 66 by 2.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock valued at $414,000 after purchasing an additional 72 shares in the last quarter. Johnson Financial Group Inc. raised its position in Phillips 66 by 11.9% in the fourth quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 72 shares during the period. Finally, L2 Asset Management LLC raised its position in Phillips 66 by 4.0% in the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock valued at $257,000 after purchasing an additional 72 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PSX. Piper Sandler upped their target price on Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 8th. Wells Fargo & Company raised their target price on Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Argus boosted their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, May 14th. Jefferies Financial Group upped their price target on Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Finally, Weiss Ratings downgraded shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $192.33.

Phillips 66 Trading Down 0.0%

NYSE PSX opened at $166.13 on Friday. Phillips 66 has a one year low of $118.00 and a one year high of $190.61. The company has a 50-day simple moving average of $171.94 and a 200-day simple moving average of $158.93. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market capitalization of $66.61 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 0.24 and a beta of 0.68.

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

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, May 18th. Phillips 66’s payout ratio is presently 50.05%.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was bought 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 approximately $2,908,242.88. The trade was a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 45,629 shares of company stock valued at $8,071,540 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

About Phillips 66

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.