Phillips 66 (NYSE:PSX) Position Trimmed by IVC Wealth Advisors LLC

IVC Wealth Advisors LLC reduced its holdings in Phillips 66 (NYSE:PSX) by 36.9% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 1,720 shares of the oil and gas company’s stock after selling 1,004 shares during the quarter. IVC Wealth Advisors LLC’s holdings in Phillips 66 were worth $226,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Hennion & Walsh Asset Management Inc. increased its position in Phillips 66 by 48.7% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 10,758 shares of the oil and gas company’s stock worth $1,757,000 after buying an additional 3,524 shares during the period. Vicus Capital acquired a new stake in shares of Phillips 66 in the 1st quarter worth about $263,000. Founders Financial Securities LLC bought a new stake in Phillips 66 in the 1st quarter valued at about $522,000. LVW Advisors LLC lifted its position in Phillips 66 by 18.9% in the 1st quarter. LVW Advisors LLC now owns 1,908 shares of the oil and gas company’s stock valued at $312,000 after purchasing an additional 303 shares during the last quarter. Finally, Aviance Capital Partners LLC grew its position in Phillips 66 by 268.2% in the 1st quarter. Aviance Capital Partners LLC now owns 5,828 shares of the oil and gas company’s stock worth $952,000 after purchasing an additional 4,245 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now 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 can be accessed through the SEC website. 0.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of recent analyst reports. Piper Sandler set a $144.00 price target on Phillips 66 in a report on Thursday, October 17th. Bank of America started coverage on Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 price target for the company. JPMorgan Chase & Co. cut their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Scotiabank reduced their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Barclays lowered their target price on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $149.50.

Phillips 66 Price Performance

NYSE PSX opened at $128.17 on Monday. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08. The business’s fifty day moving average is $132.43 and its two-hundred day moving average is $138.85. The stock has a market capitalization of $54.34 billion, a P/E ratio of 9.86, a P/E/G ratio of 5.61 and a beta of 1.33. 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 (NYSE:PSX) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.87 earnings per share. On average, research analysts forecast that Phillips 66 will post 7.81 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 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is 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.