Manning & Napier Advisors LLC Has $1.30 Million Holdings in Phillips 66 $PSX

Manning & Napier Advisors LLC cut its holdings in shares of Phillips 66 (NYSE:PSX) by 78.9% during the 3rd quarter, Holdings Channel reports. The firm owned 9,582 shares of the oil and gas company’s stock after selling 35,846 shares during the period. Manning & Napier Advisors LLC’s holdings in Phillips 66 were worth $1,303,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Evolution Wealth Management Inc. acquired a new stake in Phillips 66 during the second quarter worth approximately $25,000. Wolff Wiese Magana LLC lifted its position in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 82 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in shares of Phillips 66 during the 2nd quarter worth $32,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Phillips 66 in the second quarter worth $38,000. Finally, Operose Advisors LLC raised its stake in Phillips 66 by 260.4% in the second quarter. Operose Advisors LLC now owns 346 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 250 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PSX shares. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research note on Thursday, October 30th. Morgan Stanley upped their price target on shares of Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a report on Friday, October 3rd. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a research note on Tuesday. TD Cowen upped their target price on Phillips 66 from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. Finally, Jefferies Financial Group raised their target price on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a report on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $150.00.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the completion of the transaction, the chief financial officer directly owned 89,771 shares in the company, valued at approximately $12,388,398. This trade represents a 25.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $145.00, for a total value of $637,130.00. Following the sale, the executive vice president directly owned 30,193 shares in the company, valued at $4,377,985. The trade was a 12.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 86,094 shares of company stock valued at $11,955,366 in the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $139.92 on Friday. Phillips 66 has a one year low of $91.01 and a one year high of $145.68. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. The company has a market cap of $56.38 billion, a price-to-earnings ratio of 38.23, a PEG ratio of 0.38 and a beta of 0.90. The firm has a 50 day simple moving average of $136.07 and a 200 day simple moving average of $131.79.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. The firm had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same quarter in the previous year, the firm posted $2.04 earnings per share. Research analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.