Phillips 66 $PSX Shares Sold by Eldred Rock Partners LLC

Eldred Rock Partners LLC lowered its stake in Phillips 66 (NYSE:PSX) by 5.0% during the second quarter, Holdings Channel.com reports. The fund owned 90,184 shares of the oil and gas company’s stock after selling 4,731 shares during the quarter. Phillips 66 comprises 3.3% of Eldred Rock Partners LLC’s investment portfolio, making the stock its 16th biggest position. Eldred Rock Partners LLC’s holdings in Phillips 66 were worth $10,759,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. grew its stake in Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Wealth Enhancement Advisory Services LLC grew its stake in Phillips 66 by 20.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company’s stock valued at $19,625,000 after acquiring an additional 26,825 shares during the period. Alta Advisers Ltd acquired a new stake in Phillips 66 in the 1st quarter valued at $253,000. Sustainable Insight Capital Management LLC acquired a new stake in Phillips 66 in the 1st quarter valued at $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in Phillips 66 in the 1st quarter valued at $292,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Raymond James Financial raised their price objective on Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 9th. Cantor Fitzgerald assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a “neutral” rating on the stock. Mizuho raised their price objective on Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Monday. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a report on Wednesday, June 18th. Finally, Scotiabank restated a “sector perform” rating and issued a $133.00 price objective on shares of Phillips 66 in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $136.67.

Phillips 66 Stock Up 1.4%

Shares of PSX opened at $133.02 on Wednesday. The firm has a market cap of $53.76 billion, a P/E ratio of 31.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.15. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The company’s 50-day moving average price is $127.10 and its 200 day moving average price is $119.59. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the previous year, the firm earned $2.31 EPS. On average, sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66’s payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Sigmund L. Cornelius bought 500 shares of the company’s stock in a transaction on Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the transaction, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the completion of the transaction, the executive vice president directly owned 38,980 shares of the company’s stock, valued at approximately $5,262,300. This represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by insiders.

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.