iA Global Asset Management Inc. Decreases Stake in Phillips 66 (NYSE:PSX)

iA Global Asset Management Inc. lowered its stake in Phillips 66 (NYSE:PSX) by 14.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,566 shares of the oil and gas company’s stock after selling 418 shares during the period. iA Global Asset Management Inc.’s holdings in Phillips 66 were worth $419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Vista Investment Partners LLC raised its holdings in shares of Phillips 66 by 19.6% during the first quarter. Vista Investment Partners LLC now owns 8,317 shares of the oil and gas company’s stock worth $1,358,000 after purchasing an additional 1,365 shares during the last quarter. Beacon Capital Management LLC boosted its position in Phillips 66 by 75.5% during the first quarter. Beacon Capital Management LLC now owns 509 shares of the oil and gas company’s stock worth $83,000 after acquiring an additional 219 shares during the last quarter. Global Financial Private Client LLC boosted its holdings in Phillips 66 by 321.1% in the 1st quarter. Global Financial Private Client LLC now owns 4,156 shares of the oil and gas company’s stock valued at $679,000 after purchasing an additional 3,169 shares during the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Phillips 66 by 15.4% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 38,175 shares of the oil and gas company’s stock valued at $6,236,000 after purchasing an additional 5,089 shares during the last quarter. Finally, Dynasty Wealth Management LLC acquired a new position in Phillips 66 in the 1st quarter valued at about $1,259,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Phillips 66 from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced 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. Piper Sandler reduced 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. StockNews.com downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Finally, Wolfe Research assumed coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $157.23.

Phillips 66 Stock Down 5.0 %

NYSE PSX traded down $6.98 on Friday, hitting $133.97. 1,567,018 shares of the stock were exchanged, compared to its average volume of 2,669,401. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. Phillips 66 has a fifty-two week low of $107.41 and a fifty-two week high of $174.08. The company has a market cap of $56.80 billion, a PE ratio of 10.84, a PEG ratio of 2.58 and a beta of 1.34. The company has a 50-day moving average price of $139.15 and a 200-day moving average price of $145.72.

Phillips 66 (NYSE:PSX) last issued its 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 net margin of 3.32% and a return on equity of 16.64%. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the prior year, the business posted $3.87 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Sell-side analysts anticipate that Phillips 66 will post 9.4 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business 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 $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Tuesday, August 20th. Phillips 66’s payout ratio is 35.38%.

Insider Activity

In other news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the transaction, 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 available at this link. Company insiders own 0.22% of the company’s stock.

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.