Phillips 66 $PSX Shares Sold by RNC Capital Management LLC

RNC Capital Management LLC cut its holdings in Phillips 66 (NYSE:PSX) by 1.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 330,711 shares of the oil and gas company’s stock after selling 4,160 shares during the period. Phillips 66 accounts for about 1.9% of RNC Capital Management LLC’s holdings, making the stock its 27th biggest position. RNC Capital Management LLC owned 0.08% of Phillips 66 worth $39,454,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Wolff Wiese Magana LLC raised its holdings in Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new stake in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new stake in Phillips 66 in the 1st quarter valued at about $28,000. Smallwood Wealth Investment Management LLC purchased a new stake in Phillips 66 in the 1st quarter valued at about $29,000. Finally, Pinpoint Asset Management Ltd purchased a new stake in Phillips 66 in the 1st quarter valued at about $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim bought 1,000 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gregory Hayes bought 8,350 shares of the business’s stock in a transaction on 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 completion of the transaction, the director owned 29,423 shares in the company, 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 quarter, insiders purchased 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

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

Phillips 66 (NYSE:PSX) last announced 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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period in the prior year, the company posted $2.31 EPS. As a group, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio is presently 115.38%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Barclays lifted their price objective on Phillips 66 from $127.00 to $132.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. TD Cowen lifted their price objective on Phillips 66 from $130.00 to $134.00 and gave the company a “buy” rating in a research note on Monday, July 28th. Finally, Mizuho lifted their price objective on Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

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.