Trust Co. of Toledo NA OH Cuts Holdings in Phillips 66 $PSX

Trust Co. of Toledo NA OH decreased its position in shares of Phillips 66 (NYSE:PSX) by 3.9% in the second quarter, HoldingsChannel reports. The firm owned 5,363 shares of the oil and gas company’s stock after selling 216 shares during the quarter. Trust Co. of Toledo NA OH’s holdings in Phillips 66 were worth $640,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PSX. Elliott Investment Management L.P. grew its position in shares of 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. Valeo Financial Advisors LLC grew its position in shares of Phillips 66 by 9,530.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after purchasing an additional 1,431,450 shares in the last quarter. Nuveen LLC purchased a new position in shares of Phillips 66 during the first quarter valued at about $156,482,000. Price T Rowe Associates Inc. MD grew its position in Phillips 66 by 11.3% in 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. Finally, Invesco Ltd. grew its position in Phillips 66 by 15.9% in 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. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 3.1%

Shares of NYSE PSX opened at $127.01 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a market cap of $51.33 billion, a P/E ratio of 30.53, a PEG ratio of 1.86 and a beta of 1.11. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The firm has a 50-day simple moving average of $129.51 and a two-hundred day simple moving average of $120.59.

Phillips 66 (NYSE:PSX) last announced 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. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter last year, the firm earned $2.31 earnings per share. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s payout ratio is currently 115.38%.

Insider Activity at Phillips 66

In related news, Director Sigmund L. Cornelius purchased 500 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 9,850 shares of company stock worth $1,188,910. Insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on PSX shares. Barclays lifted their price target on Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Piper Sandler lifted their price target on Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Jefferies Financial Group lifted their price target on Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research report on Friday. Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a research report on Wednesday. Finally, Compass Point started coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $140.75.

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.