Oppenheimer Asset Management Inc. Reduces Stock Holdings in Phillips 66 $PSX

Oppenheimer Asset Management Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 1.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 94,046 shares of the oil and gas company’s stock after selling 1,599 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Phillips 66 were worth $11,220,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its stake in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new position in Phillips 66 in the first quarter valued at approximately $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 in the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC purchased a new position in Phillips 66 in the first quarter valued at approximately $29,000. Finally, Pinpoint Asset Management Ltd purchased a new position in Phillips 66 in the first quarter valued at approximately $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSX has been the subject of several research analyst reports. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Friday, September 26th. Wells Fargo & Company initiated coverage on Phillips 66 in a report on Friday, October 17th. They issued an “overweight” rating and a $154.00 price objective for the company. Evercore ISI increased their price objective on Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Bank of America downgraded Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Finally, Raymond James Financial reissued an “outperform” rating and issued a $150.00 price objective (up from $145.00) on shares of Phillips 66 in a report on Friday, October 17th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $141.50.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $135.07 on Monday. 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 stock has a fifty day moving average price of $131.51 and a 200 day moving average price of $122.13. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The company has a market cap of $54.58 billion, a PE ratio of 32.47, a P/E/G ratio of 1.77 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same period last year, the company earned $2.31 earnings per share. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio (DPR) is currently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, Director Sigmund L. Cornelius acquired 500 shares of the business’s stock in a transaction on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was acquired at an average price of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director directly owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by insiders.

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.