Cambridge Investment Research Advisors Inc. trimmed its position in shares of Phillips 66 (NYSE:PSX) by 43.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 68,929 shares of the oil and gas company’s stock after selling 53,624 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Phillips 66 were worth $3,698,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Baird Financial Group Inc. raised its position in Phillips 66 by 1.4% during the fourth quarter. Baird Financial Group Inc. now owns 113,434 shares of the oil and gas company’s stock valued at $12,637,000 after acquiring an additional 1,531 shares in the last quarter. Raymond James & Associates boosted its holdings in Phillips 66 by 5.9% in the fourth quarter. Raymond James & Associates now owns 614,876 shares of the oil and gas company’s stock worth $68,504,000 after purchasing an additional 34,478 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Phillips 66 by 2.1% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 105,844 shares of the oil and gas company’s stock worth $11,792,000 after buying an additional 2,157 shares during the last quarter. CWS Financial Advisors LLC bought a new position in Phillips 66 during the fourth quarter valued at about $265,000. Finally, NuWave Investment Management LLC lifted its position in shares of Phillips 66 by 815.7% in the fourth quarter. NuWave Investment Management LLC now owns 11,639 shares of the oil and gas company’s stock worth $1,296,000 after buying an additional 10,368 shares during the last quarter. 69.03% of the stock is owned by institutional investors and hedge funds.
Shares of PSX opened at $76.46 on Friday. The company has a quick ratio of 0.61, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The company has a 50-day moving average price of $64.94 and a two-hundred day moving average price of $88.00. The stock has a market cap of $33.66 billion, a price-to-earnings ratio of 112.44, a P/E/G ratio of 6.26 and a beta of 1.59. Phillips 66 has a 12 month low of $40.04 and a 12 month high of $119.92.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, May 15th. This represents a $3.60 annualized dividend and a yield of 4.71%. Phillips 66’s dividend payout ratio is currently 44.72%.
In other news, Director John E. Lowe acquired 1,000 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were purchased at an average cost of $74.93 per share, with a total value of $74,930.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gary Kramer Adams acquired 1,250 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were purchased at an average cost of $76.40 per share, with a total value of $95,500.00. Following the acquisition, the director now owns 10,213 shares of the company’s stock, valued at approximately $780,273.20. The disclosure for this purchase can be found here. Insiders have acquired 4,250 shares of company stock valued at $323,850 over the last quarter. Corporate insiders own 0.63% of the company’s stock.
Several equities analysts have commented on the company. Wolfe Research downgraded Phillips 66 from an “outperform” rating to a “peer perform” rating and set a $98.00 price target on the stock. in a report on Wednesday, May 13th. Zacks Investment Research downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating and set a $58.00 target price on the stock. in a report on Friday, March 27th. Raymond James boosted their price objective on Phillips 66 from $69.00 to $75.00 and gave the stock an “outperform” rating in a research report on Tuesday, April 28th. Jefferies Financial Group upgraded Phillips 66 from a “hold” rating to a “buy” rating and cut their price target for the stock from $110.00 to $73.00 in a report on Thursday, March 26th. Finally, Piper Sandler cut their target price on shares of Phillips 66 from $139.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, February 28th. Two equities research analysts have rated the stock with a sell rating and seventeen have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $89.00.
Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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