Western Wealth Management LLC Sells 239 Shares of Phillips 66 (NYSE:PSX)

Western Wealth Management LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 5.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,259 shares of the oil and gas company’s stock after selling 239 shares during the quarter. Western Wealth Management LLC’s holdings in Phillips 66 were worth $526,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Oppenheimer & Co. Inc. boosted its position in Phillips 66 by 10.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock valued at $5,349,000 after purchasing an additional 4,515 shares in the last quarter. Cohen & Steers Inc. boosted its holdings in shares of Phillips 66 by 40.3% in the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company’s stock valued at $10,443,000 after buying an additional 26,318 shares in the last quarter. American Assets Investment Management LLC grew its position in shares of Phillips 66 by 2.3% in the 4th quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company’s stock worth $14,902,000 after buying an additional 3,000 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Phillips 66 during the 4th quarter worth approximately $168,790,000. Finally, Bank OZK raised its stake in shares of Phillips 66 by 30.2% during the 4th quarter. Bank OZK now owns 10,855 shares of the oil and gas company’s stock worth $1,237,000 after acquiring an additional 2,521 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have weighed in on PSX. Raymond James Financial lowered their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Cantor Fitzgerald began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a “neutral” rating on the stock. 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, Scotiabank dropped their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.93.

Phillips 66 Stock Performance

PSX opened at $119.43 on Friday. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12. The firm has a 50 day moving average of $114.67 and a two-hundred day moving average of $116.93. The firm has a market capitalization of $48.66 billion, a PE ratio of 27.21, a P/E/G ratio of 1.87 and a beta of 1.02.

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

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a dividend of $1.20 per share. The ex-dividend date was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.02%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is presently 109.34%.

Insider Activity

In other news, EVP Brian Mandell sold 9,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president now owns 56,838 shares of the company’s stock, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robert W. Pease bought 439 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.22% of the company’s stock.

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.