OLD Point Trust & Financial Services N A Sells 459 Shares of Phillips 66 $PSX

OLD Point Trust & Financial Services N A trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 10.7% in the second quarter, according to its most recent filing with the SEC. The firm owned 3,850 shares of the oil and gas company’s stock after selling 459 shares during the period. OLD Point Trust & Financial Services N A’s holdings in Phillips 66 were worth $459,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PSX. Wolff Wiese Magana LLC lifted its holdings in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 82 shares during the period. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $29,000. Finally, Pinpoint Asset Management Ltd acquired a new stake in shares of Phillips 66 during the 1st quarter worth about $29,000. 76.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PSX shares. Piper Sandler increased their target price on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a “neutral” rating in a research report on Monday, September 29th. Evercore ISI raised their price objective on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Argus upgraded shares of Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Finally, Barclays raised their target price on shares of Phillips 66 from $127.00 to $132.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Insider Activity at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business’s stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at $4,842,180. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory Hayes acquired 8,350 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares of the company’s stock, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 2.0%

Phillips 66 stock opened at $131.23 on Thursday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35. The company’s 50 day simple moving average is $131.02 and its 200 day simple moving average is $121.23. The firm has a market capitalization of $53.03 billion, a price-to-earnings ratio of 31.55, a PEG ratio of 1.79 and a beta of 1.11.

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

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders 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 3.7%. Phillips 66’s payout ratio is presently 115.38%.

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.