Davis R M Inc. Sells 5,259 Shares of Phillips 66 $PSX

Davis R M Inc. trimmed its holdings in Phillips 66 (NYSE:PSX) by 1.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 318,620 shares of the oil and gas company’s stock after selling 5,259 shares during the period. Davis R M Inc. owned 0.08% of Phillips 66 worth $58,046,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Phillips 66 during the 4th quarter worth about $640,206,000. M&T Bank Corp grew its stake in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after buying an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC raised its holdings in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after acquiring an additional 1,532,389 shares during the period. Worldquant Millennium Advisors LLC bought a new stake in shares of Phillips 66 during the second quarter worth approximately $107,967,000. Finally, NewEdge Advisors LLC grew its position in shares of Phillips 66 by 732.0% in the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after purchasing an additional 877,131 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Performance

Shares of NYSE:PSX opened at $211.49 on Thursday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The stock has a market capitalization of $84.79 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 0.28 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company’s 50 day simple moving average is $181.23 and its 200 day simple moving average is $167.47.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company’s quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company earned ($0.90) earnings per share. As a group, research analysts predict that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.4%. Phillips 66’s payout ratio is presently 50.05%.

Analysts Set New Price Targets

PSX has been the topic of a number of recent research reports. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Piper Sandler upped their price target on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research note on Wednesday, April 8th. Citigroup raised their price target on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 14th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $198.72.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,553,920. This represents a 23.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin Omar Meyers bought 175 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last three months, insiders have sold 41,021 shares of company stock valued at $7,195,257. Insiders own 0.40% of the company’s stock.

Phillips 66 Company Profile

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.