CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Cuts Stake in Phillips 66 (NYSE:PSX)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Phillips 66 (NYSE:PSX) by 28.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 170,026 shares of the oil and gas company’s stock after selling 66,034 shares during the period. Phillips 66 accounts for about 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 16th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $22,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of PSX. MV Capital Management Inc. lifted its holdings in shares of Phillips 66 by 9.6% in the 1st quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock worth $137,000 after acquiring an additional 73 shares during the last quarter. Mitchell & Pahl Private Wealth LLC lifted its holdings in Phillips 66 by 0.4% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock valued at $2,519,000 after buying an additional 74 shares in the last quarter. Catalyst Financial Partners LLC increased its position in shares of Phillips 66 by 5.1% during the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after acquiring an additional 74 shares during the period. Claro Advisors LLC increased its position in Phillips 66 by 4.5% during the 1st quarter. Claro Advisors LLC now owns 1,738 shares of the oil and gas company’s stock valued at $284,000 after purchasing an additional 75 shares during the period. Finally, Advisory Alpha LLC lifted its position in shares of Phillips 66 by 4.8% in the 2nd quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock worth $233,000 after purchasing an additional 76 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.0 %

Shares of PSX traded down $0.06 during midday trading on Tuesday, reaching $131.26. The stock had a trading volume of 546,622 shares, compared to its average volume of 2,669,844. The company has a market cap of $54.94 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 5.68 and a beta of 1.33. The company’s fifty day simple moving average is $133.09 and its two-hundred day simple moving average is $139.92. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the previous year, the firm posted $3.87 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. Equities research analysts expect that Phillips 66 will post 7.81 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.50%. Phillips 66’s dividend payout ratio is currently 39.45%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.22% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley dropped their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Wolfe Research assumed coverage on Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Mizuho cut their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, Barclays lowered their price target on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Company Profile

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.