Heritage Investors Management Corp Reduces Position in Phillips 66 $PSX

Heritage Investors Management Corp decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 4.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,457 shares of the oil and gas company’s stock after selling 3,632 shares during the period. Heritage Investors Management Corp’s holdings in Phillips 66 were worth $13,565,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. MUFG Securities EMEA plc raised its stake in Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after acquiring an additional 8,783 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Phillips 66 by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after purchasing an additional 199,646 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new stake in shares of Phillips 66 during the 3rd quarter valued at $2,394,000. Truist Financial Corp raised its position in shares of Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the period. Finally, Royal Fund Management LLC lifted its stake in shares of Phillips 66 by 20.6% during the 4th quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock valued at $6,958,000 after buying an additional 9,214 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,705,826.56. This represents a 0.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Omar Meyers bought 175 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Trading Up 1.1%

Shares of PSX stock opened at $176.40 on Friday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $190.61. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock’s 50-day moving average price is $174.12 and its 200-day moving average price is $161.05. The stock has a market capitalization of $70.72 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating 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 during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the company earned ($0.90) earnings per share. The firm’s revenue was up 6.9% on a year-over-year basis. Equities research analysts predict that Phillips 66 will post 18.39 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s dividend payout ratio is 50.05%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on PSX shares. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Barclays raised their price target on Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a report on Wednesday, April 8th. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Raymond James Financial upped their price objective on Phillips 66 from $215.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 10th. Finally, Weiss Ratings downgraded Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Two equities research 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 company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $192.72.

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.