Bar Harbor Wealth Management Has $589,000 Stake in Phillips 66 (NYSE:PSX)

Bar Harbor Wealth Management trimmed its position in shares of Phillips 66 (NYSE:PSX) by 5.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 4,774 shares of the oil and gas company’s stock after selling 264 shares during the period. Bar Harbor Wealth Management’s holdings in Phillips 66 were worth $589,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PSX. Price T Rowe Associates Inc. MD increased its holdings in Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock worth $686,618,000 after buying an additional 4,455,220 shares during the last quarter. Norges Bank acquired a new position in Phillips 66 during the fourth quarter worth $497,648,000. Raymond James Financial Inc. acquired a new position in Phillips 66 during the fourth quarter worth $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in Phillips 66 during the fourth quarter worth $142,185,000. Finally, GAMMA Investing LLC increased its holdings in Phillips 66 by 14,119.5% during the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company’s stock worth $146,893,000 after buying an additional 1,181,240 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Robert W. Pease acquired 439 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the transaction, the director now directly owns 4,091 shares of the company’s stock, valued at $465,760.35. This trade represents a 12.02% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 0.6%

PSX stock opened at $122.20 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The company’s 50-day simple moving average is $109.84 and its 200 day simple moving average is $117.57. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a market capitalization of $49.79 billion, a PE ratio of 24.74, a price-to-earnings-growth ratio of 4.84 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The business had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. During the same quarter last year, the company posted $1.90 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $1.20 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. This represents a $4.80 annualized dividend and a yield of 3.93%. Phillips 66’s dividend payout ratio is currently 109.34%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $138.00 to $131.00 and set an “overweight” rating on the stock in a report on Tuesday, April 29th. Mizuho upped their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. TD Cowen upped their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Barclays upped their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the company an “equal weight” rating in a report on Monday, May 12th. Finally, Wells Fargo & Company decreased their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $135.46.

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.