Bennett Associates Wealth Management Lowers Position in Phillips 66 (NYSE:PSX)

Bennett Associates Wealth Management decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 10.2% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,863 shares of the oil and gas company’s stock after selling 437 shares during the period. Phillips 66 makes up approximately 0.4% of Bennett Associates Wealth Management’s investment portfolio, making the stock its 24th biggest position. Bennett Associates Wealth Management’s holdings in Phillips 66 were worth $477,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company’s stock valued at $1,064,601,000 after acquiring an additional 639,323 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Phillips 66 by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock valued at $968,844,000 after acquiring an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after acquiring an additional 4,455,220 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock valued at $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Phillips 66 in the 4th quarter valued at about $497,648,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 1.2%

NYSE:PSX opened at $113.31 on Monday. The company has a fifty day moving average of $109.26 and a 200 day moving average of $118.44. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $46.17 billion, a P/E ratio of 22.94, a P/E/G ratio of 4.84 and a beta of 1.01.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The firm had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. During the same quarter in the prior year, the company earned $1.90 earnings per share. On average, research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a dividend of $1.20 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a yield of 4.24%. The ex-dividend date is Monday, May 19th. Phillips 66’s dividend payout ratio is currently 109.34%.

Insider Activity at Phillips 66

In related news, Director Robert W. Pease acquired 439 shares of the firm’s stock in a transaction on Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director now owns 4,091 shares of the company’s stock, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.22% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of several recent analyst reports. TD Cowen raised their price target on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Tuesday, April 29th. Barclays boosted their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the stock an “equal weight” rating in a report on Monday, May 12th. The Goldman Sachs Group lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price objective for the company. in a report on Thursday, March 27th. Finally, Mizuho boosted their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a report on Tuesday, May 13th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $135.62.

Phillips 66 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.