Penobscot Investment Management Company Inc. Lowers Stock Position in Phillips 66 (NYSE:PSX)

Penobscot Investment Management Company Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 1.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,569 shares of the oil and gas company’s stock after selling 110 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Phillips 66 were worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PSX. Keener Financial Planning LLC purchased a new stake in Phillips 66 in the first quarter valued at approximately $26,000. Ables Iannone Moore & Associates Inc. purchased a new stake in Phillips 66 in the fourth quarter valued at approximately $27,000. Redmont Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the first quarter worth approximately $28,000. First United Bank & Trust purchased a new position in shares of Phillips 66 during the fourth quarter worth approximately $31,000. Finally, Ruedi Wealth Management Inc. raised its stake 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 acquiring an additional 96 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Wall Street Analyst Weigh In

PSX has been the topic of several research reports. Piper Sandler decreased their price target on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Barclays decreased their price target on shares of Phillips 66 from $142.00 to $136.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 9th. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Mizuho decreased their price target on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a research note on Thursday, June 20th. Finally, Wells Fargo & Company lifted their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $158.23.

Phillips 66 Trading Down 2.2 %

NYSE:PSX traded down $3.04 during trading hours on Tuesday, hitting $137.07. The company had a trading volume of 1,734,929 shares, compared to its average volume of 2,682,323. The company has a market capitalization of $58.11 billion, a PE ratio of 10.73, a price-to-earnings-growth ratio of 2.30 and a beta of 1.34. The stock has a 50-day moving average price of $139.62 and a 200 day moving average price of $145.39. Phillips 66 has a 52 week low of $105.56 and a 52 week high of $174.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate 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 last year, the firm earned $4.21 EPS. On average, equities research analysts predict that Phillips 66 will post 10.06 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be issued a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

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.