Westside Investment Management Inc. Trims Stake in Phillips 66 (NYSE:PSX)

Westside Investment Management Inc. decreased its position in shares of Phillips 66 (NYSE:PSX) by 6.4% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,471 shares of the oil and gas company’s stock after selling 100 shares during the period. Westside Investment Management Inc.’s holdings in Phillips 66 were worth $240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Redmont Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the 1st quarter worth approximately $28,000. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $27,000. First United Bank & Trust purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $31,000. Rise Advisors LLC purchased a new position in shares of Phillips 66 during the 1st quarter worth approximately $40,000. Finally, Signature Resources Capital Management LLC purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In related news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total value of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.22% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PSX has been the topic of several recent research reports. Argus restated a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30th. Barclays cut their price target on Phillips 66 from $147.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Monday. Scotiabank upped their price target on Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Bank of America upped their price target on Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Finally, Wells Fargo & Company upped their price target on Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $157.07.

Phillips 66 Price Performance

NYSE PSX opened at $140.37 on Thursday. The business’s fifty day moving average price is $142.22 and its 200-day moving average price is $144.98. The stock has a market capitalization of $59.51 billion, a price-to-earnings ratio of 10.81, a PEG ratio of 2.13 and a beta of 1.34. 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 has a 1-year low of $94.51 and a 1-year high of $174.08.

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). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The firm had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the previous year, the company earned $4.21 earnings per share. On average, equities analysts predict that Phillips 66 will post 10.99 earnings per share for the current year.

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.