Phillips 66 (NYSE:PSX) Shares Sold by Parsons Capital Management Inc. RI

Parsons Capital Management Inc. RI reduced its position in shares of Phillips 66 (NYSE:PSX) by 2.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,718 shares of the oil and gas company’s stock after selling 793 shares during the period. Parsons Capital Management Inc. RI’s holdings in Phillips 66 were worth $4,534,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of PSX. Tallon Kerry Patrick acquired a new position in Phillips 66 during the fourth quarter worth about $336,000. Brighton Jones LLC raised its holdings in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares during the period. Silver Oak Securities Incorporated raised its holdings in Phillips 66 by 46.5% during the 4th quarter. Silver Oak Securities Incorporated now owns 2,135 shares of the oil and gas company’s stock worth $239,000 after buying an additional 678 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $2,301,000. Finally, Golden State Wealth Management LLC acquired a new stake in Phillips 66 during the 4th quarter worth about $77,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director now owns 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 1.6%

Shares of Phillips 66 stock opened at $116.09 on Tuesday. The stock has a 50-day simple moving average of $108.06 and a 200-day simple moving average of $117.71. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm has a market cap of $47.30 billion, a price-to-earnings ratio of 23.50, a P/E/G ratio of 4.84 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. During the same quarter last year, the firm posted $1.90 earnings per share. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were issued a $1.20 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 4.13%. The ex-dividend date was Monday, May 19th. Phillips 66’s payout ratio is 109.34%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PSX. Barclays boosted their price objective on Phillips 66 from $106.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. UBS Group lowered their target price on Phillips 66 from $144.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a research note on Monday, April 28th. Scotiabank lowered their target price on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Finally, Morgan Stanley lowered their target price on Phillips 66 from $140.00 to $122.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 24th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $135.62.

Phillips 66 Company 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.