Janney Montgomery Scott LLC Reduces Holdings in Phillips 66 (NYSE:PSX)

Janney Montgomery Scott LLC decreased its stake in shares of Phillips 66 (NYSE:PSX) by 1.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 214,184 shares of the oil and gas company’s stock after selling 2,441 shares during the period. Janney Montgomery Scott LLC’s holdings in Phillips 66 were worth $26,447,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Mission Wealth Management LP lifted its holdings in Phillips 66 by 13.2% in the first quarter. Mission Wealth Management LP now owns 6,355 shares of the oil and gas company’s stock worth $785,000 after buying an additional 743 shares during the period. Cyndeo Wealth Partners LLC raised its position in shares of Phillips 66 by 64.0% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 40,647 shares of the oil and gas company’s stock worth $5,019,000 after acquiring an additional 15,856 shares in the last quarter. Trust Co. of Toledo NA OH lifted its stake in shares of Phillips 66 by 7.9% in the 1st quarter. Trust Co. of Toledo NA OH now owns 5,579 shares of the oil and gas company’s stock valued at $689,000 after purchasing an additional 410 shares during the period. Brighton Jones LLC boosted its position in shares of Phillips 66 by 11.4% during the first quarter. Brighton Jones LLC now owns 11,408 shares of the oil and gas company’s stock valued at $1,409,000 after purchasing an additional 1,169 shares in the last quarter. Finally, Sound Income Strategies LLC grew its stake in Phillips 66 by 19.8% in the first quarter. Sound Income Strategies LLC now owns 743 shares of the oil and gas company’s stock worth $92,000 after purchasing an additional 123 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PSX. The Goldman Sachs Group lowered Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective for the company. in a research report on Thursday, March 27th. Tudor Pickering cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Mizuho upped their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. TD Cowen raised their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Finally, JPMorgan Chase & Co. dropped their price target on Phillips 66 from $138.00 to $131.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 29th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $135.46.

Phillips 66 Price Performance

Shares of PSX opened at $124.65 on Wednesday. The company has a market capitalization of $50.79 billion, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $110.89 and a 200 day moving average of $117.33.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter in the prior year, the firm earned $1.90 EPS. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a $1.20 dividend. The ex-dividend date was Monday, May 19th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.85%. Phillips 66’s payout ratio is currently 109.34%.

Insider Activity

In related news, Director Robert W. Pease bought 439 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director now owns 4,091 shares of the company’s stock, valued at $465,760.35. This trade represents a 12.02% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.22% of the stock is owned by corporate insiders.

About Phillips 66

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.