Cambridge Investment Research Advisors Inc. Sells 827 Shares of Phillips 66 (NYSE:PSX)

Cambridge Investment Research Advisors Inc. cut its holdings in shares of Phillips 66 (NYSE:PSX) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 97,524 shares of the oil and gas company’s stock after selling 827 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Phillips 66 were worth $12,042,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Forum Financial Management LP lifted its holdings in shares of Phillips 66 by 1.0% during the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock valued at $853,000 after purchasing an additional 77 shares during the last quarter. NewEdge Wealth LLC lifted its holdings in shares of Phillips 66 by 0.5% during the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock valued at $1,732,000 after purchasing an additional 81 shares during the last quarter. Nwam LLC lifted its holdings in shares of Phillips 66 by 2.2% during the 4th quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock valued at $442,000 after purchasing an additional 85 shares during the last quarter. PFG Private Wealth Management LLC lifted its holdings in shares of Phillips 66 by 7.7% during the 4th quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock valued at $140,000 after purchasing an additional 88 shares during the last quarter. Finally, Tortoise Investment Management LLC lifted its holdings in shares of Phillips 66 by 16.1% during the 4th quarter. Tortoise Investment Management LLC now owns 633 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 88 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Price Performance

Shares of PSX opened at $119.42 on Wednesday. The business’s 50-day moving average is $113.38 and its two-hundred day moving average is $117.02. The company has a market capitalization of $48.66 billion, a P/E ratio of 27.20, a P/E/G ratio of 1.88 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same period in the prior year, the business posted $1.90 earnings per share. Research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a dividend of $1.20 per share. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 4.02%. The ex-dividend date was Monday, May 19th. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

Insiders Place Their Bets

In other news, Director Robert W. Pease bought 439 shares of the stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director now directly owns 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president now directly owns 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. The Goldman Sachs Group lowered Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective for the company. in a report on Thursday, March 27th. Morgan Stanley decreased their price objective on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating for the company in a report on Thursday, April 24th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an “outperform” rating and a $130.00 target price on the stock. Finally, TD Cowen upped their target price on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, May 13th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $133.93.

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.