Cornerstone Advisors LLC Sells 1,000 Shares of Phillips 66 (NYSE:PSX)

Cornerstone Advisors LLC cut its position in shares of Phillips 66 (NYSE:PSX) by 10.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,600 shares of the oil and gas company’s stock after selling 1,000 shares during the quarter. Cornerstone Advisors LLC’s holdings in Phillips 66 were worth $1,214,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Crewe Advisors LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at about $25,000. Keener Financial Planning LLC bought a new position in Phillips 66 during the 1st quarter worth approximately $26,000. Strategic Financial Concepts LLC bought a new position in Phillips 66 during the 2nd quarter worth approximately $26,000. Ables Iannone Moore & Associates Inc. bought a new position in Phillips 66 during the 4th quarter worth approximately $27,000. Finally, Redmont Wealth Advisors LLC bought a new position in Phillips 66 during the 1st quarter worth approximately $28,000. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PSX has been the topic of several recent research reports. Raymond James raised their price target on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Morgan Stanley reduced their price target on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 2nd. Scotiabank reduced their price target on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Finally, Argus reiterated a “buy” rating and issued a $167.00 price objective on shares of Phillips 66 in a research report on Thursday, May 30th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $155.29.

Insider Activity

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 0.5 %

PSX opened at $127.32 on Tuesday. The stock has a market cap of $53.29 billion, a PE ratio of 9.79, a PEG ratio of 4.53 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The business has a 50 day moving average of $135.62 and a 200-day moving average of $144.07. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.87 EPS. Equities research analysts predict that Phillips 66 will post 9.25 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s payout ratio is presently 35.38%.

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.