Procyon Advisors LLC Cuts Stock Position in Phillips 66 (NYSE:PSX)

Procyon Advisors LLC lowered its stake in Phillips 66 (NYSE:PSX) by 28.0% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,968 shares of the oil and gas company’s stock after selling 6,212 shares during the period. Procyon Advisors LLC’s holdings in Phillips 66 were worth $2,608,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PSX. Norges Bank purchased a new stake in Phillips 66 during the 4th quarter valued at $559,435,000. Boston Partners raised its holdings in Phillips 66 by 962.0% in the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after purchasing an additional 3,494,878 shares during the period. International Assets Investment Management LLC purchased a new position in Phillips 66 during the fourth quarter valued at $254,336,000. Wellington Management Group LLP lifted its position in Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its position in Phillips 66 by 4,556.1% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 953,020 shares of the oil and gas company’s stock valued at $126,885,000 after purchasing an additional 932,552 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analysts Set New Price Targets

PSX has been the topic of several research analyst reports. Scotiabank boosted their price objective on Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. TD Cowen reduced their price objective on Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, June 21st. Wells Fargo & Company boosted their price objective on Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Finally, StockNews.com cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $157.79.

Phillips 66 Stock Down 0.3 %

Shares of NYSE PSX opened at $139.40 on Friday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. The firm has a market capitalization of $59.10 billion, a price-to-earnings ratio of 10.72, a PEG ratio of 2.08 and a beta of 1.37. The stock has a 50 day moving average price of $143.46 and a 200 day moving average price of $144.50. Phillips 66 has a 52-week low of $91.78 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The firm had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the previous year, the firm posted $4.21 EPS. Sell-side analysts expect that Phillips 66 will post 11.22 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were issued a dividend of $1.15 per share. The ex-dividend date of this dividend was Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 3.30%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is currently 35.38%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at $7,051,617. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.22% of the stock is owned by company insiders.

Phillips 66 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.