SouthState Corp Has $1.81 Million Stock Holdings in Phillips 66 $PSX

SouthState Corp cut its stake in Phillips 66 (NYSE:PSX) by 3.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,164 shares of the oil and gas company’s stock after selling 464 shares during the period. SouthState Corp’s holdings in Phillips 66 were worth $1,809,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Brighton Jones LLC boosted its stake in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Crossmark Global Holdings Inc. lifted its holdings in Phillips 66 by 6.6% during the 1st quarter. Crossmark Global Holdings Inc. now owns 20,325 shares of the oil and gas company’s stock valued at $2,510,000 after purchasing an additional 1,250 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Phillips 66 by 2.1% in the first quarter. DekaBank Deutsche Girozentrale now owns 203,702 shares of the oil and gas company’s stock valued at $24,690,000 after buying an additional 4,241 shares in the last quarter. LBP AM SA boosted its position in Phillips 66 by 20.8% in the first quarter. LBP AM SA now owns 83,256 shares of the oil and gas company’s stock valued at $10,280,000 after buying an additional 14,333 shares in the last quarter. Finally, Bridges Investment Management Inc. grew its stake in Phillips 66 by 24.6% during the first quarter. Bridges Investment Management Inc. now owns 5,007 shares of the oil and gas company’s stock worth $618,000 after buying an additional 990 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $138.25 on Friday. The firm has a market cap of $55.70 billion, a price-to-earnings ratio of 37.77, a PEG ratio of 1.81 and a beta of 1.08. 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 stock has a 50-day moving average price of $133.12 and a 200 day moving average price of $124.36.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. The company had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same period in the prior year, the company posted $2.04 EPS. Research analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business 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. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.5%. Phillips 66’s dividend payout ratio is presently 131.15%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PSX shares. Barclays raised their price target on Phillips 66 from $127.00 to $132.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. UBS Group increased their target price on Phillips 66 from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday, October 8th. Citigroup downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and upped their price target for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, TD Cowen raised their price objective on shares of Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $143.56.

Insider Activity

In related news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction on Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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.