Forum Financial Management LP Lowers Holdings in Phillips 66 $PSX

Forum Financial Management LP trimmed its stake in Phillips 66 (NYSE:PSX) by 70.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,713 shares of the oil and gas company’s stock after selling 6,612 shares during the quarter. Forum Financial Management LP’s holdings in Phillips 66 were worth $494,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Board of the Pension Protection Fund purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc increased its position in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 180 shares in the last quarter. SWAN Capital LLC raised its holdings 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 worth $27,000 after acquiring an additional 190 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Phillips 66 in the 4th quarter valued at approximately $27,000. Finally, Stephens Consulting LLC lifted its position 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 valued at $29,000 after acquiring an additional 90 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on PSX shares. The Goldman Sachs Group lifted their target price on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Tuesday, May 19th. Weiss Ratings cut Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Wells Fargo & Company lifted their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Finally, Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $192.72.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. The trade was a 0.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

NYSE PSX opened at $169.05 on Wednesday. The business’s fifty day moving average price is $173.41 and its 200-day moving average price is $160.58. The stock has a market capitalization of $67.78 billion, a price-to-earnings ratio of 16.66, a PEG ratio of 0.25 and a beta of 0.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $190.61.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) 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 firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the business posted ($0.90) EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts predict that Phillips 66 will post 18.22 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Phillips 66 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.