Baxter Bros Inc. Sells 3,370 Shares of Phillips 66 $PSX

Baxter Bros Inc. reduced its position in shares of Phillips 66 (NYSE:PSX) by 11.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,067 shares of the oil and gas company’s stock after selling 3,370 shares during the period. Baxter Bros Inc.’s holdings in Phillips 66 were worth $3,110,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in PSX. Wolff Wiese Magana LLC lifted its position in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares in the last quarter. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 during the first quarter valued at about $27,000. Olde Wealth Management LLC bought a new stake in Phillips 66 in the first quarter worth about $28,000. Opal Wealth Advisors LLC bought a new stake in Phillips 66 in the first quarter worth about $29,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in Phillips 66 in the first quarter worth about $29,000. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

NYSE PSX opened at $131.31 on Thursday. The company’s 50 day moving average is $129.21 and its 200-day moving average is $120.58. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. 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 has a market cap of $53.07 billion, a P/E ratio of 31.56, a price-to-earnings-growth ratio of 1.93 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analyst estimates of $32.11 billion. During the same quarter in the previous year, the firm posted $2.31 earnings per share. Sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Analyst Upgrades and Downgrades

PSX has been the topic of several research reports. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Phillips 66 in a research report on Wednesday. Scotiabank reaffirmed a “sector perform” rating and issued a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $130.00 to $133.00 and gave the stock a “hold” rating in a research report on Monday, September 15th. Finally, Wells Fargo & Company lowered their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a research report on Wednesday, June 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $140.50.

Insider Activity

In other news, Director Gregory Hayes bought 8,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the firm’s stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. Insiders own 0.22% of the company’s stock.

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.