Comerica Bank Reduces Stock Position in Phillips 66 (NYSE:PSX)

Comerica Bank cut its stake in Phillips 66 (NYSE:PSX) by 2.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 156,718 shares of the oil and gas company’s stock after selling 4,617 shares during the period. Comerica Bank’s holdings in Phillips 66 were worth $25,598,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in PSX. Global Financial Private Client LLC grew its position in Phillips 66 by 321.1% in the first quarter. Global Financial Private Client LLC now owns 4,156 shares of the oil and gas company’s stock worth $679,000 after acquiring an additional 3,169 shares during the period. B. Riley Wealth Advisors Inc. grew its position in Phillips 66 by 15.4% in the first quarter. B. Riley Wealth Advisors Inc. now owns 38,175 shares of the oil and gas company’s stock worth $6,236,000 after acquiring an additional 5,089 shares during the period. Dynasty Wealth Management LLC purchased a new position in Phillips 66 in the first quarter worth approximately $1,259,000. Icon Wealth Advisors LLC grew its position in Phillips 66 by 3.9% in the first quarter. Icon Wealth Advisors LLC now owns 18,391 shares of the oil and gas company’s stock worth $3,004,000 after acquiring an additional 684 shares during the period. Finally, Jacobs Levy Equity Management Inc. grew its position in Phillips 66 by 1,087.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 432,003 shares of the oil and gas company’s stock worth $70,563,000 after acquiring an additional 395,617 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

Shares of PSX stock traded down $4.71 during mid-day trading on Thursday, hitting $140.77. 1,026,817 shares of the stock were exchanged, compared to its average volume of 2,661,168. The stock’s fifty day simple moving average is $139.17 and its two-hundred day simple moving average is $145.76. The stock has a market capitalization of $59.68 billion, a price-to-earnings ratio of 11.19, a P/E/G ratio of 2.61 and a beta of 1.34. Phillips 66 has a 12-month low of $107.41 and a 12-month high of $174.08. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.64% and a net margin of 3.33%. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter last year, the company posted $3.87 earnings per share. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, analysts forecast that Phillips 66 will post 9.4 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio is currently 35.38%.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of research reports. Piper Sandler decreased their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Argus restated a “buy” rating and set a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30th. Raymond James increased their price objective on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Finally, Scotiabank reduced their price objective on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $157.23.

Insider Buying and Selling

In related news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.22% of the company’s stock.

About Phillips 66

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.