Grove Bank & Trust Sells 196 Shares of Phillips 66 (NYSE:PSX)

Grove Bank & Trust lowered its stake in Phillips 66 (NYSE:PSX) by 16.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 965 shares of the oil and gas company’s stock after selling 196 shares during the quarter. Grove Bank & Trust’s holdings in Phillips 66 were worth $127,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Manning & Napier Advisors LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $17,670,000. M&G Plc bought a new stake in shares of Phillips 66 in the second quarter valued at about $3,596,000. Duality Advisers LP bought a new stake in shares of Phillips 66 in the first quarter valued at about $3,596,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Phillips 66 by 42.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after buying an additional 39,775 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Phillips 66 by 69.8% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock worth $6,175,000 after buying an additional 15,542 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction 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 directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the subject of several research reports. Wolfe Research initiated coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. Morgan Stanley decreased their target price on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. TD Cowen cut their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Piper Sandler increased their price objective on shares of Phillips 66 from $136.00 to $144.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 8th. Finally, Wells Fargo & Company lowered their target price on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus target price of $151.21.

Phillips 66 Price Performance

Phillips 66 stock opened at $135.50 on Tuesday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The stock has a market capitalization of $57.45 billion, a P/E ratio of 10.42, a price-to-earnings-growth ratio of 5.48 and a beta of 1.33. The stock has a fifty day moving average of $133.32 and a 200-day moving average of $141.18.

Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the previous year, the firm earned $3.87 earnings per share. The business’s quarterly revenue was up 8.9% on a year-over-year basis. On average, sell-side analysts expect that Phillips 66 will post 8.19 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.39%. Phillips 66’s dividend payout ratio is currently 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.