Checchi Capital Advisers LLC Sells 583 Shares of Phillips 66 $PSX

Checchi Capital Advisers LLC reduced its stake in Phillips 66 (NYSE:PSX) by 9.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,621 shares of the oil and gas company’s stock after selling 583 shares during the period. Checchi Capital Advisers LLC’s holdings in Phillips 66 were worth $671,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. 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 worth $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Nuveen LLC bought a new position in Phillips 66 during the first quarter worth about $156,482,000. 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 worth $828,442,000 after acquiring 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 worth $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC bought a new position in Phillips 66 during the second quarter worth about $72,897,000. 76.93% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the transaction, the executive vice president 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 SEC, which is accessible through this hyperlink. Also, Director Gregory Hayes purchased 8,350 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares of the company’s stock, valued at $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 9,850 shares of company stock worth $1,188,910 and have sold 13,179 shares worth $1,779,165. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $133.14 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The stock’s 50-day simple moving average is $128.89 and its 200 day simple moving average is $120.37. The company has a market cap of $53.80 billion, a P/E ratio of 32.00, a P/E/G ratio of 1.91 and a beta of 1.11. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35.

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

Phillips 66 Dividend Announcement

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

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent analyst reports. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They set a “neutral” rating on the stock. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research note on Wednesday, June 18th. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Citigroup downgraded Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Finally, Piper Sandler lifted their price target on Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a research note on Monday, September 29th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $140.19.

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.