State Street Corp Sells 1,736,376 Shares of Phillips 66 $PSX

by · The Cerbat Gem

State Street Corp trimmed its stake in shares of Phillips 66 (NYSE:PSX – Free Report) by 6.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 24,318,409 shares of the oil and gas company’s stock after selling 1,736,376 shares during the period. State Street Corp owned about 0.06% of Phillips 66 worth $2,901,186,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of PSX. WealthTrust Axiom LLC boosted its holdings in shares of Phillips 66 by 1.1% during the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company’s stock valued at $894,000 after purchasing an additional 81 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after buying an additional 82 shares in the last quarter. Magnus Financial Group LLC lifted its position in shares of Phillips 66 by 2.8% in the second quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company’s stock worth $368,000 after buying an additional 84 shares in the last quarter. Biltmore Wealth Management LLC boosted its stake in Phillips 66 by 2.4% during the second quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company’s stock valued at $431,000 after buying an additional 85 shares during the last quarter. Finally, XML Financial LLC grew its holdings in Phillips 66 by 0.5% during the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company’s stock valued at $2,093,000 after buying an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PSX shares. Wells Fargo & Company upped their price objective on Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a report on Thursday, October 30th. TD Cowen upped their price target on shares of Phillips 66 from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Thursday, October 30th. Bank of America lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Barclays boosted their target price on shares of Phillips 66 from $132.00 to $141.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Finally, Cowen reaffirmed a “buy” rating on shares of Phillips 66 in a report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have assigned a Hold rating to the company. According to MarketBeat, Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $147.88.

View Our Latest Stock Report on PSX

Insider Buying and Selling

In related news, EVP Brian Mandell sold 25,500 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company’s stock, valued at approximately $7,959,593.52. This trade represents a 30.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. The trade was a 25.05% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 86,093 shares of company stock valued at $11,933,256. Insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $139.92 on Wednesday. The firm has a 50-day moving average price of $135.15 and a 200-day moving average price of $128.84. The firm has a market capitalization of $56.38 billion, a PE ratio of 38.23, a price-to-earnings-growth ratio of 0.73 and a beta of 0.92. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $143.25.

Phillips 66 (NYSE:PSX – Get Free Report) last issued its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.53%. The company had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same period in the prior year, the firm posted $2.04 EPS. As a group, equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Stockholders of record on Monday, November 17th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Monday, November 17th. Phillips 66’s dividend payout ratio is presently 131.15%.

Phillips 66 Company Profile

(Free Report)

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.

See Also

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