Nicholas Hoffman & Company LLC. Reduces Holdings in Phillips 66 (NYSE:PSX)

Nicholas Hoffman & Company LLC. reduced its position in Phillips 66 (NYSE:PSX) by 22.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,320 shares of the oil and gas company’s stock after selling 390 shares during the quarter. Nicholas Hoffman & Company LLC.’s holdings in Phillips 66 were worth $216,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PFG Investments LLC lifted its stake in Phillips 66 by 378.3% in the 1st quarter. PFG Investments LLC now owns 14,190 shares of the oil and gas company’s stock worth $2,318,000 after purchasing an additional 11,223 shares in the last quarter. Raymond James & Associates increased its holdings in shares of Phillips 66 by 2.3% in the first quarter. Raymond James & Associates now owns 762,302 shares of the oil and gas company’s stock valued at $124,514,000 after purchasing an additional 17,261 shares during the last quarter. Accordant Advisory Group Inc acquired a new stake in shares of Phillips 66 in the first quarter valued at approximately $1,082,000. Hendershot Investments Inc. purchased a new position in Phillips 66 during the first quarter worth approximately $221,000. Finally, FORVIS Wealth Advisors LLC boosted its stake in Phillips 66 by 2.4% during the first quarter. FORVIS Wealth Advisors LLC now owns 3,534 shares of the oil and gas company’s stock worth $577,000 after buying an additional 83 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Phillips 66 news, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the sale, the vice president now owns 6,583 shares in the company, valued at approximately $1,035,242.58. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,056 shares of company stock valued at $5,272,681. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PSX shares. Piper Sandler raised their target price on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Barclays dropped their price objective on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating for the company in a report on Tuesday. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Raymond James boosted their target price on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Finally, Mizuho cut their price target on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a report on Friday, April 12th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average price target of $157.43.

Phillips 66 Trading Down 5.6 %

NYSE:PSX traded down $8.45 during trading hours on Tuesday, reaching $143.09. 3,763,921 shares of the stock were exchanged, compared to its average volume of 2,983,768. Phillips 66 has a twelve month low of $89.74 and a twelve month high of $174.08. The business has a 50-day moving average of $155.74 and a two-hundred day moving average of $137.75. The company has a market capitalization of $61.22 billion, a price-to-earnings ratio of 11.01, a PEG ratio of 1.83 and a beta of 1.37. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.07%. The firm had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter in the prior year, the firm posted $4.21 EPS. On average, equities analysts predict that Phillips 66 will post 13.77 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, May 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 32.31%.

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.