Abacus Planning Group Inc. Decreases Position in Phillips 66 $PSX

Abacus Planning Group Inc. trimmed its holdings in Phillips 66 (NYSE:PSX) by 10.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,755 shares of the oil and gas company’s stock after selling 201 shares during the quarter. Abacus Planning Group Inc.’s holdings in Phillips 66 were worth $209,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. grew its position in shares of Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after buying an additional 14,950,000 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Invesco Ltd. increased its position in shares of Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after purchasing an additional 653,248 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Phillips 66 by 11.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock valued at $466,886,000 after purchasing an additional 377,132 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Phillips 66 by 3.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock valued at $383,197,000 after purchasing an additional 100,321 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $133.14 on Friday. The stock has a market capitalization of $53.80 billion, a P/E ratio of 32.00, a P/E/G ratio of 1.95 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The company’s fifty day moving average is $128.89 and its two-hundred day moving average is $120.49.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The company had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter last year, the business earned $2.31 EPS. On average, sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.6%. Phillips 66’s payout ratio is presently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director directly owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Heim purchased 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The stock was acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares of the company’s stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 9,850 shares of company stock valued at $1,188,910 and sold 13,179 shares valued at $1,779,165. Corporate insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on PSX shares. UBS Group lifted their price target on Phillips 66 from $143.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. TD Cowen raised their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Bank of America cut shares of Phillips 66 from a “buy” rating to a “neutral” rating and lifted their target price for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Compass Point began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a “buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $140.19.

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.