Cypress Capital Group Has $7.02 Million Stock Position in Phillips 66 $PSX

Cypress Capital Group reduced its position in shares of Phillips 66 (NYSE:PSX) by 7.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 58,816 shares of the oil and gas company’s stock after selling 4,594 shares during the quarter. Cypress Capital Group’s holdings in Phillips 66 were worth $7,017,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Wolff Wiese Magana LLC raised its stake in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after buying an additional 82 shares during the last quarter. von Borstel & Associates Inc. bought a new position in Phillips 66 in the first quarter valued at approximately $27,000. Olde Wealth Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the 1st quarter valued at $29,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Phillips 66 during the 1st quarter valued at $29,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $127.01 on Monday. The stock has a 50 day simple moving average of $129.51 and a 200 day simple moving average of $120.56. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35. 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 firm has a market capitalization of $51.33 billion, a PE ratio of 30.53, a P/E/G ratio of 1.86 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion for 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 period last year, the company posted $2.31 EPS. Sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

Insider Transactions at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the 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 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sigmund L. Cornelius bought 500 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the transaction, the director owned 21,543 shares in the company, 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. Over the last quarter, insiders bought 9,850 shares of company stock worth $1,188,910. Company insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on PSX shares. Scotiabank reaffirmed a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Argus upgraded Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Jefferies Financial Group upped their price target on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday. TD Cowen lifted their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Finally, Raymond James Financial boosted their price objective on shares of Phillips 66 from $142.00 to $145.00 and gave the company an “outperform” rating in a report on Tuesday, September 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.