Chicago Partners Investment Group LLC Cuts Position in Phillips 66 (NYSE:PSX)

Chicago Partners Investment Group LLC lowered its position in shares of Phillips 66 (NYSE:PSX) by 1.7% in the third quarter, Holdings Channel reports. The firm owned 6,436 shares of the oil and gas company’s stock after selling 110 shares during the period. Chicago Partners Investment Group LLC’s holdings in Phillips 66 were worth $831,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Manning & Napier Advisors LLC purchased a new stake in Phillips 66 during the second quarter worth approximately $17,670,000. M&G Plc acquired a new stake in Phillips 66 in the 2nd quarter valued at $3,596,000. Duality Advisers LP purchased a new position in Phillips 66 in the first quarter valued at about $3,596,000. BI Asset Management Fondsmaeglerselskab A S lifted its stake 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 purchasing an additional 15,542 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Phillips 66 in the first quarter worth about $1,283,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 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 directly owns 81,937 shares in the company, valued at $11,390,062.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.22% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PSX has been the topic of several recent research reports. Bank of America began coverage on Phillips 66 in a research report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target on the stock. 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 note on Monday, September 16th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a report on Thursday, October 17th. Wells Fargo & Company lowered their target price on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Finally, Mizuho cut their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a research note on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $151.42.

Phillips 66 Trading Down 1.5 %

NYSE:PSX opened at $120.01 on Monday. The company has a market cap of $49.56 billion, a PE ratio of 15.41, a P/E/G ratio of 3.92 and a beta of 1.33. The business’s 50 day moving average is $131.27 and its two-hundred day moving average is $137.53. The company has a quick ratio of 0.79, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a 52 week low of $110.54 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The firm had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same period last year, the business posted $4.63 earnings per share. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, analysts predict that Phillips 66 will post 7.77 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.83%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is presently 59.05%.

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.