Phillips 66 $PSX Stake Cut by Forvis Mazars Wealth Advisors LLC

Forvis Mazars Wealth Advisors LLC reduced its holdings in Phillips 66 (NYSE:PSX) by 5.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,410 shares of the oil and gas company’s stock after selling 199 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Phillips 66 were worth $407,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. WealthTrust Axiom LLC lifted its stake in Phillips 66 by 1.1% in the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company’s stock worth $894,000 after acquiring an additional 81 shares in the last quarter. Wolff Wiese Magana LLC raised its stake in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 82 shares in the last quarter. Magnus Financial Group LLC raised its stake in shares of Phillips 66 by 2.8% during the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company’s stock worth $368,000 after purchasing an additional 84 shares in the last quarter. Biltmore Wealth Management LLC raised its stake in shares of Phillips 66 by 2.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company’s stock worth $431,000 after purchasing an additional 85 shares in the last quarter. Finally, XML Financial LLC raised its stake in shares of Phillips 66 by 0.5% during the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company’s stock worth $2,093,000 after purchasing an additional 85 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent research reports. Morgan Stanley raised their price target on Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, October 3rd. Wells Fargo & Company initiated coverage on Phillips 66 in a research note on Friday. They set an “overweight” rating and a $154.00 price target for the company. TD Cowen raised their price target on Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a research note on Monday, July 28th. Bank of America downgraded Phillips 66 from a “buy” rating to a “neutral” rating and raised their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $133.00 price target on shares of Phillips 66 in a research note on Friday, July 11th. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.50.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $130.42 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The firm has a market cap of $52.71 billion, a price-to-earnings ratio of 31.35, a P/E/G ratio of 1.79 and a beta of 1.11. The business’s 50-day simple moving average is $130.67 and its 200-day simple moving average is $121.11. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $142.35.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the firm posted $2.31 EPS. As a group, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66’s dividend payout ratio (DPR) is 115.38%.

Insiders Place Their Bets

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

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.