FARMERS & MERCHANTS TRUST Co OF LONG BEACH Has $342,000 Holdings in Phillips 66 (NYSE:PSX)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH cut its holdings in Phillips 66 (NYSE:PSX) by 4.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 2,421 shares of the oil and gas company’s stock after selling 100 shares during the quarter. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Phillips 66 were worth $342,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Crewe Advisors LLC acquired a new position in shares of Phillips 66 in the first quarter valued at about $25,000. Keener Financial Planning LLC acquired a new stake in Phillips 66 during the first quarter worth about $26,000. Redmont Wealth Advisors LLC acquired a new stake in Phillips 66 during the first quarter worth about $28,000. Ruedi Wealth Management Inc. grew its stake in 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 buying an additional 96 shares in the last quarter. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in Phillips 66 during the fourth quarter worth about $27,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Down 0.1 %

Shares of NYSE PSX opened at $127.95 on Tuesday. The company has a 50 day simple moving average of $136.90 and a 200 day simple moving average of $144.73. The firm has a market cap of $53.56 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 2.31 and a beta of 1.33. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business earned $3.87 EPS. On average, research analysts forecast that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.60%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

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 that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.22% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on PSX shares. Barclays increased their price objective 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. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 3rd. Piper Sandler reduced their price objective 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. Wolfe Research assumed coverage on shares of Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Scotiabank dropped their target price on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $157.85.

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.