Martin Capital Partners LLC Decreases Stake in Phillips 66 $PSX

Martin Capital Partners LLC cut its holdings in shares of Phillips 66 (NYSE:PSX) by 29.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,709 shares of the oil and gas company’s stock after selling 10,012 shares during the period. Martin Capital Partners LLC’s holdings in Phillips 66 were worth $4,008,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Somerset Trust Co boosted its holdings in Phillips 66 by 0.3% in the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares during the last quarter. Clifford Group LLC raised its position in shares of Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Phillips 66 by 0.8% during the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company’s stock valued at $1,504,000 after buying an additional 65 shares during the last quarter. CYBER HORNET ETFs LLC boosted its stake in shares of Phillips 66 by 5.7% during the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock valued at $158,000 after buying an additional 66 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its stake in shares of Phillips 66 by 2.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock worth $414,000 after buying an additional 72 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 0.1%

PSX stock opened at $206.02 on Wednesday. The firm has a market cap of $82.60 billion, a price-to-earnings ratio of 20.30, a PEG ratio of 0.16 and a beta of 0.68. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $216.08. The firm has a fifty day moving average price of $186.72 and a two-hundred day moving average price of $171.83. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is currently 50.05%.

Phillips 66 announced that its Board of Directors has authorized a stock buyback program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent analyst reports. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price target for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Raymond James Financial boosted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a research report on Monday, July 13th. Morgan Stanley upped their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. UBS Group increased their price target on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average target price of $201.72.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 45,107 shares of company stock worth $8,057,584. 0.40% of the stock is owned by company insiders.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.