First Horizon Advisors Inc. Reduces Holdings in Phillips 66 $PSX

First Horizon Advisors Inc. reduced its position in Phillips 66 (NYSE:PSX) by 70.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,062 shares of the oil and gas company’s stock after selling 2,473 shares during the period. First Horizon Advisors Inc.’s holdings in Phillips 66 were worth $127,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PSX. Elliott Investment Management L.P. boosted its holdings in 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 during the last quarter. Valeo Financial Advisors LLC increased its holdings in Phillips 66 by 9,530.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock worth $172,564,000 after purchasing an additional 1,431,450 shares during the last quarter. Nuveen LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at approximately $156,482,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after buying an additional 682,459 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock valued at $588,489,000 after buying an additional 653,248 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the sale, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. The trade was a 11.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Raymond James Financial reaffirmed an “outperform” rating and issued a $150.00 price target (up from $145.00) on shares of Phillips 66 in a report on Friday, October 17th. Citigroup downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Wells Fargo & Company increased their price target on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Barclays lifted their price target on Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Finally, TD Cowen upped their price objective on Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have given a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Hold” and an average price target of $143.56.

Phillips 66 Trading Down 0.3%

Shares of NYSE PSX opened at $137.80 on Friday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The company has a market cap of $55.52 billion, a price-to-earnings ratio of 37.65, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock’s 50 day simple moving average is $133.20 and its 200 day simple moving average is $124.81.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. The firm had revenue of $33.69 billion during the quarter, compared to the consensus estimate of $32.29 billion. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.During the same period in the prior year, the business earned $2.04 EPS. Equities research analysts expect 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. Investors of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 131.15%.

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.