NewEdge Wealth LLC Cuts Stock Position in Phillips 66 $PSX

NewEdge Wealth LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 42.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,659 shares of the oil and gas company’s stock after selling 4,882 shares during the period. NewEdge Wealth LLC’s holdings in Phillips 66 were worth $1,213,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Phillips 66 in the fourth quarter worth $640,206,000. M&T Bank Corp boosted its stake in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC boosted its stake in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after purchasing an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in Phillips 66 during the 2nd quarter valued at about $107,967,000. Finally, NewEdge Advisors LLC increased its stake in Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after purchasing an additional 877,131 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Barclays boosted their price objective on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a report on Thursday, July 9th. Finally, Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $200.44.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $206.94 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market cap of $82.97 billion, a price-to-earnings ratio of 20.39, a price-to-earnings-growth ratio of 0.16 and a beta of 0.69. The business has a 50-day simple moving average of $182.54 and a two-hundred day simple moving average of $168.48. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $216.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the previous year, the business posted ($0.90) earnings per share. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, analysts expect that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.5%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,021 shares of company stock worth $7,195,257 in the last 90 days. 0.40% of the stock is currently owned by corporate 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.