Cary Street Partners Asset Management LLC Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Cary Street Partners Asset Management LLC reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 4.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,781 shares of the oil and gas company’s stock after selling 1,735 shares during the quarter. Cary Street Partners Asset Management LLC’s holdings in Phillips 66 were worth $5,163,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PSX. Exchange Traded Concepts LLC grew its stake in Phillips 66 by 3,825.0% during the third quarter. Exchange Traded Concepts LLC now owns 1,727 shares of the oil and gas company’s stock worth $207,000 after buying an additional 1,683 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Phillips 66 by 1.9% in the third quarter. Commonwealth Equity Services LLC now owns 282,152 shares of the oil and gas company’s stock valued at $33,901,000 after purchasing an additional 5,380 shares during the period. Vicus Capital purchased a new position in shares of Phillips 66 in the third quarter valued at $212,000. Kingswood Wealth Advisors LLC purchased a new position in shares of Phillips 66 in the third quarter valued at $629,000. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Phillips 66 by 78.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 237,097 shares of the oil and gas company’s stock valued at $28,487,000 after purchasing an additional 104,510 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In related news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares in the company, valued at approximately $1,035,242.58. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 in the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock traded down $3.29 during trading on Wednesday, hitting $139.92. 930,612 shares of the stock were exchanged, compared to its average volume of 2,957,400. The stock’s fifty day moving average is $155.74 and its 200 day moving average is $137.75. The stock has a market cap of $59.86 billion, a PE ratio of 11.01, a P/E/G ratio of 1.83 and a beta of 1.37. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.02 and a current ratio of 1.26. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The firm had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 19.07% and a net margin of 3.84%. During the same quarter in the prior year, the company posted $4.21 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 13.77 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 32.31%.

Analyst Ratings Changes

Several brokerages have recently weighed in on PSX. StockNews.com downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday. Piper Sandler upped their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Barclays cut their price target on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Finally, The Goldman Sachs Group upped their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.43.

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.