First Horizon Advisors Inc. Decreases Stock Position in Phillips 66 $PSX

First Horizon Advisors Inc. trimmed its holdings in Phillips 66 (NYSE:PSX) by 70.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,062 shares of the oil and gas company’s stock after selling 2,473 shares during the period. First Horizon Advisors Inc.’s holdings in Phillips 66 were worth $127,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Elliott Investment Management L.P. increased its stake in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Valeo Financial Advisors LLC grew its holdings in Phillips 66 by 9,530.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after buying an additional 1,431,450 shares during the last quarter. Nuveen LLC purchased a new position in Phillips 66 during the first quarter worth $156,482,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after acquiring an additional 682,459 shares during the last quarter. Finally, Invesco Ltd. lifted its position in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX stock opened at $137.80 on Friday. The stock has a 50-day moving average price of $133.20 and a two-hundred day moving average price of $124.81. The company has a market cap of $55.52 billion, a PE ratio of 37.65, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The business had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. During the same quarter in the previous year, the business earned $2.04 EPS. As a group, research analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced 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 is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 3.5%. Phillips 66’s payout ratio is presently 131.15%.

Insiders Place Their Bets

In other 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 value of $615,020.00. Following the completion of the sale, the executive vice president 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 link. Also, Director Gregory Hayes bought 8,350 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the acquisition, the director 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 SEC filing for this purchase provides additional information. 0.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on PSX shares. Argus upgraded Phillips 66 to a “strong-buy” rating in a research report on Thursday, July 31st. Wall Street Zen upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Mizuho upped their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a research note on Monday, September 15th. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Finally, Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and increased their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 presently has an average rating of “Hold” and a consensus price target of $143.56.

Phillips 66 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.