Phillips 66 $PSX Shares Sold by True Freedom Investing LLC

True Freedom Investing LLC cut its holdings in Phillips 66 (NYSE:PSX) by 15.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 34,082 shares of the oil and gas company’s stock after selling 6,289 shares during the period. Phillips 66 accounts for 1.4% of True Freedom Investing LLC’s investment portfolio, making the stock its 13th biggest position. True Freedom Investing LLC’s holdings in Phillips 66 were worth $8,701,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PSX. NFSG Corp increased its stake in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC bought a new position in shares of Phillips 66 during the first quarter valued at about $27,000. Compass Financial Management LLC bought a new stake in Phillips 66 in the second quarter valued at approximately $28,000. Kelleher Financial Advisors purchased a new stake in Phillips 66 during the 2nd quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new position in Phillips 66 during the 2nd quarter valued at approximately $30,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

PSX opened at $283.18 on Monday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. The stock has a market capitalization of $110.46 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 0.15 and a beta of 0.69. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The company has a fifty day moving average of $266.19 and a 200 day moving average of $198.51.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The business had revenue of $50.54 billion during the quarter, compared to analysts’ expectations of $44.91 billion. During the same quarter last year, the business posted $2.52 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 33.11 earnings per share for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a stock buyback program on Friday, July 31st that allows the company to buy back $10 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be paid a $1.33 dividend. This represents a $5.32 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio is 16.22%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares in the company, valued at $13,242,925. The trade was a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 108,800 shares of company stock valued at $25,016,566 over the last ninety days. 0.40% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Freedom Broker upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating and raised their price objective for the stock from $173.00 to $258.00 in a report on Friday. Jefferies Financial Group reissued a “hold” rating and set a $276.00 price target on shares of Phillips 66 in a research report on Sunday, October 11th. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 7th. BMO Capital Markets raised their price target on Phillips 66 from $260.00 to $310.00 and gave the stock an “outperform” rating in a research note on Thursday, September 17th. Finally, Citigroup upped their target price on shares of Phillips 66 from $217.00 to $297.00 and gave the company a “neutral” rating in a report on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $269.47.

About Phillips 66

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.