Pinnacle Financial Partners Inc Has $769,000 Stake in Phillips 66 (NYSE:PSX)

Pinnacle Financial Partners Inc lowered its stake in shares of Phillips 66 (NYSE:PSX) by 1.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 6,305 shares of the oil and gas company’s stock after selling 108 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Phillips 66 were worth $769,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. J.Safra Asset Management Corp bought a new position in Phillips 66 during the 4th quarter worth approximately $25,000. Pacific Center for Financial Services acquired a new stake in Phillips 66 in the fourth quarter worth $27,000. Graney & King LLC bought a new position in shares of Phillips 66 during the fourth quarter worth $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 in the 1st quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 0.3%

Shares of PSX stock opened at $126.80 on Friday. The firm’s fifty day moving average price is $116.48 and its two-hundred day moving average price is $116.98. 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 1 year low of $91.01 and a 1 year high of $150.12. The firm has a market capitalization of $51.66 billion, a P/E ratio of 28.88, a PEG ratio of 1.98 and a beta of 1.02.

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

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $1.20 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.79%. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is currently 109.34%.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 9,800 shares of the business’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert W. Pease bought 439 shares of the business’s stock in a transaction dated Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director owned 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PSX shares. The Goldman Sachs Group lowered Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price on the stock. in a report on Thursday, March 27th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Mizuho lifted their price objective on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. Wells Fargo & Company lowered their target price 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, TD Cowen lifted their price target on shares of Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, May 13th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.93.

Phillips 66 Company 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.