Logan Capital Management Inc. Cuts Stock Position in Phillips 66 $PSX

Logan Capital Management Inc. lessened its holdings in Phillips 66 (NYSE:PSX) by 0.9% during the second quarter, HoldingsChannel.com reports. The fund owned 13,715 shares of the oil and gas company’s stock after selling 124 shares during the quarter. Logan Capital Management Inc.’s holdings in Phillips 66 were worth $1,636,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in PSX. Brighton Jones LLC raised its stake in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares during the period. Robeco Institutional Asset Management B.V. purchased a new stake in Phillips 66 during the 1st quarter worth $227,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Phillips 66 by 10.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 47,130 shares of the oil and gas company’s stock worth $5,739,000 after buying an additional 4,425 shares during the period. Golden State Wealth Management LLC increased its stake in Phillips 66 by 14.4% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company’s stock worth $95,000 after buying an additional 97 shares during the period. Finally, Amalgamated Bank increased its stake in Phillips 66 by 1.1% during the 1st quarter. Amalgamated Bank now owns 80,038 shares of the oil and gas company’s stock worth $9,883,000 after buying an additional 837 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Activity

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $133.92 on Wednesday. The firm has a market cap of $54.12 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.78 and a beta of 1.11. 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 1-year low of $91.01 and a 1-year high of $142.35. The firm has a fifty day moving average of $131.99 and a two-hundred day moving average of $122.62.

Phillips 66 Announces Dividend

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

Wall Street Analyst Weigh In

PSX has been the topic of several analyst reports. Citigroup downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Wells Fargo & Company initiated coverage on shares of Phillips 66 in a research note on Friday, October 17th. They set an “overweight” rating and a $154.00 price target on the stock. Finally, Barclays lifted their price target on shares of Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price 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.