Dakota Wealth Management Sells 85,240 Shares of Phillips 66 (NYSE:PSX)

Dakota Wealth Management cut its holdings in shares of Phillips 66 (NYSE:PSX) by 61.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 52,788 shares of the oil and gas company’s stock after selling 85,240 shares during the period. Dakota Wealth Management’s holdings in Phillips 66 were worth $6,939,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Crewe Advisors LLC bought a new position in shares of Phillips 66 in the 1st quarter worth approximately $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 in the first quarter worth about $26,000. Redmont Wealth Advisors LLC bought a new position in Phillips 66 in the 1st quarter valued at approximately $28,000. Ruedi Wealth Management Inc. lifted its holdings 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 valued at $31,000 after purchasing an additional 96 shares in the last quarter. Finally, nVerses Capital LLC bought a new position in Phillips 66 during the 3rd quarter valued at about $26,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of PSX opened at $128.49 on Friday. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The company has a market cap of $53.78 billion, a price-to-earnings ratio of 11.02, a price-to-earnings-growth ratio of 5.61 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The company has a 50 day moving average of $132.85 and a two-hundred day moving average of $139.57.

Phillips 66 (NYSE:PSX) last posted 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. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The business had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the previous year, the business earned $3.87 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, analysts predict that Phillips 66 will post 7.81 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.58%. Phillips 66’s payout ratio is currently 39.45%.

Analysts Set New Price Targets

Several research firms have recently weighed in on PSX. Scotiabank lowered their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Wells Fargo & Company dropped their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Barclays cut their target price on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 8th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a research note on Thursday, October 17th. Finally, Morgan Stanley cut their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $149.50.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on 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 transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is owned by company insiders.

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.