Montgomery Investment Management Inc. Cuts Stock Holdings in Phillips 66 $PSX

Montgomery Investment Management Inc. trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 3.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 38,996 shares of the oil and gas company’s stock after selling 1,499 shares during the period. Phillips 66 accounts for 1.8% of Montgomery Investment Management Inc.’s portfolio, making the stock its 19th largest holding. Montgomery Investment Management Inc.’s holdings in Phillips 66 were worth $4,652,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Elliott Investment Management L.P. grew its holdings 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 valued at $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Nuveen LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth $156,482,000. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after buying an additional 682,459 shares in the last quarter. Invesco Ltd. grew its stake in shares of Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after buying an additional 653,248 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in shares of Phillips 66 in the 2nd quarter worth $72,897,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Phillips 66 stock opened at $134.68 on Thursday. The stock has a market cap of $54.43 billion, a price-to-earnings ratio of 32.37, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The firm has a 50-day moving average of $128.50 and a two-hundred day moving average of $120.42.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates 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 previous year, the business earned $2.31 earnings per share. On average, research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66’s dividend payout ratio is currently 115.38%.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent research reports. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Morgan Stanley lifted their target price on Phillips 66 from $122.00 to $128.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $144.00 to $147.00 in a report on Wednesday, September 3rd. Argus raised shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Finally, Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $130.00 to $133.00 and gave the stock a “hold” rating in a research note on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $139.44.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Sigmund L. Cornelius acquired 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares of the company’s stock, valued at $4,842,180. The trade was a 11.27% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have acquired 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. 0.22% of the stock is currently owned by company insiders.

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.