Insider Selling: Phillips 66 (NYSE:PSX) CFO Sells $4,140,000.00 in Stock

Phillips 66 (NYSE:PSX) CFO Kevin Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 7th. The shares were sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the completion of the transaction, the chief financial officer directly owned 89,771 shares in the company, valued at approximately $12,388,398. This represents a 25.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Phillips 66 Price Performance

NYSE PSX traded up $0.61 on Wednesday, hitting $141.46. 178,132 shares of the company’s stock were exchanged, compared to its average volume of 3,090,377. 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 52 week low of $91.01 and a 52 week high of $142.93. The stock has a market cap of $57.00 billion, a price-to-earnings ratio of 38.65, a P/E/G ratio of 1.81 and a beta of 1.08. The stock has a 50-day moving average of $133.44 and a 200-day moving average of $125.46.

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

Phillips 66 Announces Dividend

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 given a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.4%. Phillips 66’s dividend payout ratio (DPR) is currently 131.15%.

Institutional Trading of Phillips 66

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Vanguard Group Inc. raised its position in Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after buying an additional 5,356,558 shares during the last quarter. Elliott Investment Management L.P. lifted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after buying an additional 3,526,000 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Phillips 66 by 17.4% in the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after buying an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Phillips 66 by 6.1% during the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after acquiring an additional 537,245 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Phillips 66 by 11.3% during 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 period. 76.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PSX. Piper Sandler increased their price objective on Phillips 66 from $155.00 to $159.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Weiss Ratings reissued a “hold (c)” rating on shares of Phillips 66 in a research report on Wednesday, October 8th. Raymond James Financial reaffirmed an “outperform” rating and issued a $150.00 price objective (up from $145.00) on shares of Phillips 66 in a research note on Friday, October 17th. Barclays lifted their target price on shares of Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Finally, Jefferies Financial Group increased their price target on Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $143.56.

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.