Chevy Chase Trust Holdings LLC Sells 6,316 Shares of Phillips 66 (NYSE:PSX)

Chevy Chase Trust Holdings LLC reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 2.6% in the second quarter, according to its most recent filing with the SEC. The fund owned 234,288 shares of the oil and gas company’s stock after selling 6,316 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of Phillips 66 worth $33,074,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in Phillips 66 during the 1st quarter worth about $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 in the first quarter valued at $26,000. Redmont Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the first quarter worth about $28,000. Ruedi Wealth Management Inc. grew its holdings in shares of Phillips 66 by 102.1% during the first quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 96 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in shares of Phillips 66 during the fourth quarter worth about $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSX. Piper Sandler dropped their price objective on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Wolfe Research began coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Raymond James upped their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Wells Fargo & Company reduced their price target on shares of Phillips 66 from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Finally, Mizuho cut their price target on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $157.38.

Phillips 66 Price Performance

Shares of NYSE PSX traded up $1.57 during midday trading on Wednesday, hitting $133.96. 1,301,056 shares of the company’s stock were exchanged, compared to its average volume of 2,638,016. The company has a market cap of $56.79 billion, a price-to-earnings ratio of 10.34, a PEG ratio of 2.41 and a beta of 1.34. The business’s fifty day moving average price is $138.08 and its two-hundred day moving average price is $145.83. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the prior year, the company earned $3.87 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts forecast that Phillips 66 will post 9.53 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a $1.15 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.43%. Phillips 66’s dividend payout ratio is presently 35.38%.

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.