Phillips 66 $PSX Stock Holdings Reduced by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. lowered its position in Phillips 66 (NYSE:PSX) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,681 shares of the oil and gas company’s stock after selling 203 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Phillips 66 were worth $5,450,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Elliott Investment Management L.P. lifted its position in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company’s stock worth $19,625,000 after buying an additional 26,825 shares during the last quarter. Alta Advisers Ltd acquired a new stake in shares of Phillips 66 in the first quarter worth about $253,000. Sustainable Insight Capital Management LLC acquired a new stake in shares of Phillips 66 in the first quarter worth about $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new stake in shares of Phillips 66 in the first quarter worth about $292,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president owned 43,373 shares of the company’s stock, valued at $5,638,490. This represents a 9.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Gregory Hayes purchased 8,350 shares of the business’s stock in a transaction on Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the acquisition, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. Insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of analyst reports. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an “outperform” rating and a $130.00 price target for the company. Finally, JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $136.40.

Phillips 66 Trading Down 1.3%

Phillips 66 stock opened at $130.77 on Friday. The business has a 50 day moving average price of $126.95 and a two-hundred day moving average price of $119.55. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market cap of $52.85 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 2.06 and a beta of 1.15. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.60.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the firm posted $2.31 EPS. As a group, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66’s dividend payout ratio is 115.38%.

About Phillips 66

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.