Forum Financial Management LP Sells 335 Shares of Phillips 66 (NYSE:PSX)

Forum Financial Management LP lowered its holdings in shares of Phillips 66 (NYSE:PSX) by 4.2% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,562 shares of the oil and gas company’s stock after selling 335 shares during the quarter. Forum Financial Management LP’s holdings in Phillips 66 were worth $1,067,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new position in shares of Phillips 66 in the 2nd quarter worth approximately $17,670,000. M&G Plc bought a new position in shares of Phillips 66 in the 2nd quarter worth approximately $3,596,000. Duality Advisers LP bought a new position in shares of Phillips 66 in the 1st quarter worth approximately $3,596,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after acquiring an additional 39,775 shares during the period. Finally, Teachers Retirement System of The State of Kentucky raised its stake in Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after acquiring an additional 36,116 shares during the period. Institutional investors own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.22% of the stock is currently owned by insiders.

Phillips 66 Trading Up 2.8 %

Shares of PSX stock opened at $140.31 on Friday. The company has a market cap of $59.48 billion, a PE ratio of 10.79, a price-to-earnings-growth ratio of 2.43 and a beta of 1.34. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The stock’s 50 day simple moving average is $137.81 and its two-hundred day simple moving average is $145.27. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.87 EPS. Research analysts predict that Phillips 66 will post 9.53 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.28%. Phillips 66’s dividend payout ratio is presently 35.38%.

Analysts Set New Price Targets

A number of equities research analysts have commented on PSX shares. Mizuho decreased their target price 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. Raymond James raised their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. decreased their target price 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. Finally, Barclays raised their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $157.38.

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.