Phillips 66 $PSX Shares Sold by Morgan Dempsey Capital Management LLC

Morgan Dempsey Capital Management LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 28.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 214 shares of the oil and gas company’s stock after selling 87 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Phillips 66 were worth $26,000 at the end of the most recent quarter.

Several 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 Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the period. Valeo Financial Advisors LLC grew its position in shares of Phillips 66 by 9,530.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after acquiring an additional 1,431,450 shares during the period. Nuveen LLC acquired a new stake in shares of Phillips 66 during the 1st quarter valued at about $156,482,000. Price T Rowe Associates Inc. MD grew its position in shares of Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after acquiring an additional 682,459 shares during the period. Finally, Invesco Ltd. grew its position in shares of Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after acquiring an additional 653,248 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. TD Cowen raised their target price on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Raymond James Financial restated an “outperform” rating and set a $150.00 target price (up from $145.00) on shares of Phillips 66 in a research report on Friday. Argus upgraded Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Scotiabank restated a “sector perform” rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Finally, Morgan Stanley lifted their price objective on Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a report on Friday, October 3rd. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.50.

Phillips 66 Trading Up 0.7%

PSX opened at $129.21 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company’s 50 day simple moving average is $130.43 and its two-hundred day simple moving average is $120.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The firm has a market capitalization of $52.22 billion, a price-to-earnings ratio of 31.06, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

Insider Activity

In other news, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director owned 29,423 shares in the company, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigmund L. Cornelius bought 500 shares of the business’s stock in a transaction on Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the transaction, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 in the last 90 days. 0.22% of the stock is owned by corporate insiders.

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.