Institute for Wealth Management LLC. Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Institute for Wealth Management LLC. reduced its holdings in Phillips 66 (NYSE:PSX) by 6.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,444 shares of the oil and gas company’s stock after selling 539 shares during the period. Institute for Wealth Management LLC.’s holdings in Phillips 66 were worth $919,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PSX. J.Safra Asset Management Corp bought a new position in shares of Phillips 66 during the 4th quarter valued at approximately $25,000. Pacific Center for Financial Services purchased a new position in Phillips 66 during the fourth quarter worth $27,000. Graney & King LLC bought a new position in Phillips 66 during the fourth quarter valued at $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Phillips 66 in the fourth quarter valued at $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the first quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors.

Insider Activity at Phillips 66

In related news, Director Robert W. Pease bought 439 shares of the stock in a transaction on Thursday, May 22nd. The stock was bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director now directly owns 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research firms recently commented on PSX. Mizuho lifted their price target on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 13th. Evercore ISI started coverage on Phillips 66 in a research report on Wednesday. They set an “outperform” rating and a $130.00 target price for the company. Raymond James Financial cut their target price on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company decreased their price target on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Finally, UBS Group dropped their price objective on Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a report on Monday, April 28th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $133.93.

Phillips 66 Price Performance

Shares of PSX stock opened at $124.98 on Friday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $111.89 and a two-hundred day simple moving average of $117.30. The stock has a market capitalization of $50.92 billion, a price-to-earnings ratio of 28.47, a P/E/G ratio of 1.94 and a beta of 1.02.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion during the quarter, compared to analysts’ expectations of $31.93 billion. During the same period last year, the company earned $1.90 earnings per share. On average, analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Monday, May 19th. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.84%. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

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.