Traders Sell Shares of Phillips 66 (PSX) on Strength After Insider Selling
Traders sold shares of Phillips 66 (NYSE:PSX) on strength during trading on Thursday after an insider sold shares in the company. $25.68 million flowed into the stock on the tick-up and $55.10 million flowed out of the stock on the tick-down, for a money net flow of $29.42 million out of the stock. Of all stocks tracked, Phillips 66 had the 0th highest net out-flow for the day. Phillips 66 traded up $0.07 for the day and closed at $89.14Specifically, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.50% of the stock is owned by company insiders.
A number of equities analysts have commented on the company. Barclays PLC restated an “equal weight” rating and set a $89.00 price objective (up previously from $87.00) on shares of Phillips 66 in a research note on Wednesday, August 2nd. Jefferies Group LLC reaffirmed a “hold” rating and issued a $78.00 target price on shares of Phillips 66 in a report on Tuesday, September 5th. Scotiabank reaffirmed a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. TheStreet raised Phillips 66 from a “c” rating to a “b-” rating in a report on Friday, June 30th. Finally, Zacks Investment Research downgraded Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Phillips 66 currently has an average rating of “Hold” and a consensus target price of $83.93.
The firm’s 50 day moving average is $84.43 and its 200-day moving average is $80.63. The stock has a market cap of $45.98 billion, a P/E ratio of 26.90 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.07. The business had revenue of $24.58 billion for the quarter, compared to analysts’ expectations of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same quarter in the prior year, the firm earned $0.94 earnings per share. On average, analysts forecast that Phillips 66 will post $4.26 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were paid a $0.70 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.11%. Phillips 66’s dividend payout ratio is presently 83.58%.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in PSX. BlackRock Inc. increased its stake in Phillips 66 by 2,329.3% in the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after acquiring an additional 26,676,647 shares during the last quarter. OppenheimerFunds Inc. increased its stake in Phillips 66 by 599.8% in the first quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock valued at $364,472,000 after acquiring an additional 3,943,299 shares during the last quarter. FMR LLC increased its stake in Phillips 66 by 37.1% in the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after acquiring an additional 2,036,258 shares during the last quarter. Clearbridge Investments LLC increased its stake in Phillips 66 by 4,771.9% in the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after acquiring an additional 1,396,918 shares during the last quarter. Finally, New England Asset Management Inc. bought a new position in Phillips 66 in the first quarter valued at $104,095,000. 69.53% of the stock is currently owned by institutional investors and hedge funds.
TRADEMARK VIOLATION NOTICE: This piece was first posted by Watch List News and is owned by of Watch List News. If you are reading this piece on another publication, it was illegally copied and reposted in violation of U.S. & international trademark & copyright law. The legal version of this piece can be viewed at https://www.watchlistnews.com/traders-sell-shares-of-phillips-66-psx-on-strength-after-insider-selling/1581421.html.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with Analyst Ratings Network's FREE daily email newsletter.