Pinkerton Wealth LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 16.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,830 shares of the oil and gas company’s stock after selling 6,851 shares during the period. Phillips 66 makes up about 1.4% of Pinkerton Wealth LLC’s portfolio, making the stock its 14th biggest holding. Pinkerton Wealth LLC’s holdings in Phillips 66 were worth $8,893,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PSX. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Phillips 66 during the 3rd quarter worth approximately $30,867,000. Grandfield & Dodd LLC acquired a new position in Phillips 66 during the 3rd quarter valued at approximately $293,000. Investment Partners LTD. raised its holdings in shares of Phillips 66 by 76.6% in the third quarter. Investment Partners LTD. now owns 2,744 shares of the oil and gas company’s stock worth $701,000 after buying an additional 1,190 shares during the last quarter. Unison Advisors LLC raised its holdings in shares of Phillips 66 by 0.7% in the third quarter. Unison Advisors LLC now owns 23,159 shares of the oil and gas company’s stock worth $5,913,000 after buying an additional 154 shares during the last quarter. Finally, Moss Adams Wealth Advisors LLC lifted its stake in shares of Phillips 66 by 6.6% during the third quarter. Moss Adams Wealth Advisors LLC now owns 2,049 shares of the oil and gas company’s stock worth $523,000 after buying an additional 126 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
Phillips 66 Price Performance
NYSE:PSX opened at $283.18 on Monday. The firm’s fifty day moving average is $266.19 and its two-hundred day moving average is $198.51. The firm has a market cap of $110.46 billion, a price-to-earnings ratio of 9.04, a PEG ratio of 0.15 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.04 and a current ratio of 1.34. Phillips 66 has a one year low of $127.16 and a one year high of $299.39.
Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. The business had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter last year, the business posted $2.52 EPS. Research analysts expect that Phillips 66 will post 33.11 EPS for the current year.
Phillips 66 declared that its board has initiated a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10 billion in shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
Phillips 66 Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a yield of 1.9%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66’s dividend payout ratio is 16.22%.
Trending Headlines about Phillips 66
Here are the key news stories impacting Phillips 66 this week:
- Positive Sentiment: Phillips 66 reported adjusted earnings per share of $14.08, well above the $11.73 analyst consensus and up sharply year over year. Revenue also exceeded expectations, while record refining margins, 98% refinery utilization and a 41% distillate yield drove the profit surge. Phillips 66 Posts Strong Earnings But the Stock Doesn’t Care
- Positive Sentiment: Management highlighted continued strength in refining and midstream, progress on debt reduction and shareholder returns, and investment in long-term projects such as the Western Gateway Pipeline system. These initiatives could improve cash flow durability and reduce leverage. PSX Q3 Earnings Call Highlights Refining Strength and Growth Plans
- Positive Sentiment: The company raised its quarterly dividend to $1.33 per share and continued substantial share repurchases, reinforcing the income and capital-return case for investors. Learn Why The Bull Case For Phillips 66 Stock Could Change Following Earnings Beat
- Positive Sentiment: Some coverage argues that PSX may still be undervalued despite its significant multiyear advance, citing record profitability, robust midstream volumes, deleveraging and a relatively low reported valuation multiple. Phillips 66 Stock Could Be Undervalued
Insider Activity
In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Brian Mandell sold 23,400 shares of the company’s stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 108,800 shares of company stock worth $25,016,566. 0.40% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of equities research analysts have recently weighed in on PSX shares. Raymond James Financial reissued an “outperform” rating and set a $335.00 price objective on shares of Phillips 66 in a report on Monday, October 19th. Barclays raised their target price on Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. The Goldman Sachs Group lifted their price target on Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 30th. TD Cowen boosted their price target on Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday, October 22nd. Finally, Citigroup increased their price objective on Phillips 66 from $217.00 to $297.00 and gave the company a “neutral” rating in a report on Tuesday, October 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $270.19.
View Our Latest Stock Analysis on Phillips 66
About Phillips 66
Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.
Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.
The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.
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