Phillips 66 $PSX Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D lowered its position in shares of Phillips 66 (NYSE:PSX) by 1.0% in the second quarter, HoldingsChannel.com reports. The fund owned 139,352 shares of the oil and gas company’s stock after selling 1,343 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Phillips 66 were worth $16,625,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC lifted its position in 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 acquiring an additional 82 shares during the period. von Borstel & Associates Inc. acquired a new stake in Phillips 66 during the 1st quarter worth about $27,000. Olde Wealth Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth about $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth about $29,000. Finally, Pinpoint Asset Management Ltd acquired a new position in shares of Phillips 66 in the 1st quarter valued at about $29,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $135.07 on Friday. The stock has a 50 day moving average of $131.51 and a two-hundred day moving average of $122.00. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $142.35. The firm has a market cap of $54.58 billion, a P/E ratio of 32.47, a price-to-earnings-growth ratio of 1.77 and a beta of 1.11. 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 (NYSE:PSX) last announced its earnings results 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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The business had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter in the prior year, the firm earned $2.31 earnings per share. On average, analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company 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 dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio is presently 115.38%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on PSX shares. Piper Sandler boosted their price objective on Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Jefferies Financial Group boosted their price objective on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a report on Friday, October 10th. Evercore ISI boosted their price objective on Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Finally, Morgan Stanley boosted their price objective on Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a report on Friday, October 3rd. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $141.50.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction on Thursday, August 14th. The stock was acquired at an average price 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 of the company’s stock, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the acquisition, the director directly owned 12,043 shares of the company’s stock, 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. Insiders acquired 9,850 shares of company stock worth $1,188,910 over the last three months. 0.22% of the stock is owned by 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.