Phillips 66 $PSX Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 78.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 126,209 shares of the oil and gas company’s stock after selling 463,204 shares during the quarter. Wellington Management Group LLP’s holdings in Phillips 66 were worth $15,584,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Pacific Center for Financial Services acquired a new stake in shares of Phillips 66 during the fourth quarter worth about $27,000. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the first quarter worth about $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $28,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Phillips 66 during the fourth quarter worth about $29,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Phillips 66 during the first quarter worth about $29,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on PSX shares. UBS Group increased their price target on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Tudor Pickering cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $145.00 target price (up previously from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. Barclays raised their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the company an “equal weight” rating in a report on Wednesday, July 9th. Finally, Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $136.20.

Insider Buying and Selling

In related news, Director Michael A. Heim purchased 1,000 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Brian Mandell sold 9,800 shares of the stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock valued at $1,188,910 over the last three months. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $129.83 on Wednesday. The firm has a market capitalization of $52.47 billion, a P/E ratio of 31.21, a P/E/G ratio of 1.75 and a beta of 1.09. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The firm’s 50 day moving average is $124.53 and its two-hundred day moving average is $119.15.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the prior year, the firm posted $2.31 earnings per share. Research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66’s dividend payout ratio is currently 115.38%.

Phillips 66 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.