OLD Point Trust & Financial Services N A Has $459,000 Position in Phillips 66 $PSX

OLD Point Trust & Financial Services N A reduced its stake in Phillips 66 (NYSE:PSX) by 10.7% during the second quarter, HoldingsChannel reports. The firm owned 3,850 shares of the oil and gas company’s stock after selling 459 shares during the quarter. OLD Point Trust & Financial Services N A’s holdings in Phillips 66 were worth $459,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wolff Wiese Magana LLC boosted its stake in shares of Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares in the last quarter. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $29,000. Finally, Pinpoint Asset Management Ltd acquired a new stake in shares of Phillips 66 in the 1st quarter valued at approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Up 2.0%

Phillips 66 stock opened at $131.23 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35. The firm has a 50 day moving average price of $131.02 and a two-hundred day moving average price of $121.23. The firm has a market cap of $53.03 billion, a price-to-earnings ratio of 31.55, a PEG ratio of 1.79 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same quarter last year, the business earned $2.31 EPS. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PSX shares. Wells Fargo & Company started coverage on shares of Phillips 66 in a report on Friday, October 17th. They issued an “overweight” rating and a $154.00 price objective for the company. UBS Group raised their price objective on shares of Phillips 66 from $143.00 to $150.00 and gave the company a “buy” rating in a report on Monday, September 22nd. Evercore ISI raised their price objective on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Piper Sandler raised their price objective on shares of Phillips 66 from $154.00 to $155.00 and gave the company a “neutral” rating in a report on Monday, September 29th. Finally, Mizuho raised their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the company a “neutral” rating in a report on Monday, September 15th. Three investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Insider Activity at Phillips 66

In related news, Director Sigmund L. Cornelius acquired 500 shares of the stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the purchase, the director directly owned 21,543 shares of the company’s stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by 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.