Phillips 66 $PSX Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI lessened its position in shares of Phillips 66 (NYSE:PSX) by 28.2% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 26,368 shares of the oil and gas company’s stock after selling 10,350 shares during the period. Parsons Capital Management Inc. RI’s holdings in Phillips 66 were worth $3,146,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Elliott Investment Management L.P. lifted its holdings in Phillips 66 by 1,929.0% during the first 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 purchasing an additional 14,950,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Invesco Ltd. lifted its holdings in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after purchasing an additional 653,248 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock valued at $466,886,000 after purchasing an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock valued at $383,197,000 after purchasing an additional 100,321 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares in the company, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigmund L. Cornelius acquired 500 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. Insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSX. Cantor Fitzgerald began coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a “neutral” rating on the stock. Piper Sandler raised their price target on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research note on Monday. Morgan Stanley raised their price target on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 16th. Mizuho raised their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a research note on Monday, September 15th. Finally, Bank of America downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and raised their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $139.44.

Phillips 66 Price Performance

Phillips 66 stock opened at $134.68 on Thursday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The stock has a market cap of $54.43 billion, a P/E ratio of 32.37, a PEG ratio of 1.97 and a beta of 1.11. The company has a 50-day moving average price of $128.50 and a 200 day moving average price of $120.42. 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 released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same period last year, the business earned $2.31 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Phillips 66 Profile

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.