NorthRock Partners LLC Sells 2,791 Shares of Phillips 66 $PSX

NorthRock Partners LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 49.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,819 shares of the oil and gas company’s stock after selling 2,791 shares during the period. NorthRock Partners LLC’s holdings in Phillips 66 were worth $477,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Pointe Capital Management LLC grew its holdings in Phillips 66 by 4.3% in the second quarter. Pointe Capital Management LLC now owns 1,261 shares of the oil and gas company’s stock worth $213,000 after purchasing an additional 52 shares during the period. Key Client Fiduciary Advisors LLC increased its stake in Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares in the last quarter. Threadgill Financial LLC raised its holdings in shares of Phillips 66 by 3.5% during the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the period. Nilsine Partners LLC raised its holdings in shares of Phillips 66 by 1.5% during the second quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company’s stock valued at $688,000 after purchasing an additional 59 shares during the period. Finally, Calamos Wealth Management LLC boosted its position in shares of Phillips 66 by 2.0% during the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock worth $521,000 after purchasing an additional 60 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Up 0.4%

Shares of NYSE PSX opened at $259.66 on Friday. The stock has a market capitalization of $103.61 billion, a P/E ratio of 14.80, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a 50-day moving average price of $222.85 and a 200-day moving average price of $189.43. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $265.43. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 24.47 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were paid a dividend of $1.27 per share. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.0%. Phillips 66’s payout ratio is 28.95%.

Phillips 66 declared that its Board of Directors has authorized a stock repurchase plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PSX. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group upped their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. UBS Group increased their price target on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group raised their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, TD Cowen boosted their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $222.76.

Insider Buying and Selling

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Vanessa Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock valued at $21,770,810. Company insiders own 0.40% of the company’s stock.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company’s midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.