Oppenheimer Asset Management Inc. Cuts Position in Phillips 66 $PSX

Oppenheimer Asset Management Inc. lowered its position in Phillips 66 (NYSE:PSX) by 1.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 94,046 shares of the oil and gas company’s stock after selling 1,599 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Phillips 66 were worth $11,220,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in PSX. Wolff Wiese Magana LLC increased its position in shares of Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 82 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 in the first quarter valued at $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 in the first quarter valued at $28,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of Phillips 66 in the first quarter valued at $29,000. Finally, Pinpoint Asset Management Ltd purchased a new position in shares of Phillips 66 in the first quarter valued at $29,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Scotiabank restated a “sector perform” rating and issued a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Raymond James Financial reiterated an “outperform” rating and set a $150.00 price objective (up previously from $145.00) on shares of Phillips 66 in a research report on Friday, October 17th. Bank of America cut Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Citigroup cut Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 26th. Three 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $141.50.

Phillips 66 Stock Down 0.5%

Shares of NYSE:PSX opened at $135.07 on Monday. The stock’s 50-day moving average price is $131.51 and its two-hundred day moving average price is $122.13. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The firm has a market cap of $54.58 billion, a price-to-earnings ratio of 32.47, a PEG ratio of 1.77 and a beta of 1.11.

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

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The shares were acquired at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 9,850 shares of company stock valued at $1,188,910. 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.