Fernwood Investment Management LLC Decreases Stock Position in Phillips 66 (NYSE:PSX)

Fernwood Investment Management LLC reduced its position in shares of Phillips 66 (NYSE:PSX) by 1.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,887 shares of the oil and gas company’s stock after selling 318 shares during the period. Fernwood Investment Management LLC’s holdings in Phillips 66 were worth $2,220,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Manning & Napier Advisors LLC purchased a new position in Phillips 66 in the 2nd quarter valued at about $17,670,000. M&G Plc purchased a new position in Phillips 66 in the second quarter valued at about $3,596,000. Duality Advisers LP acquired a new stake in Phillips 66 during the 1st quarter valued at approximately $3,596,000. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 purchasing an additional 39,775 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in shares of Phillips 66 by 69.8% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock valued at $6,175,000 after purchasing an additional 15,542 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

NYSE PSX traded down $1.81 on Friday, hitting $120.01. The stock had a trading volume of 2,064,468 shares, compared to its average volume of 2,135,708. The company’s 50-day moving average is $131.27 and its two-hundred day moving average is $137.67. The stock has a market cap of $49.56 billion, a price-to-earnings ratio of 15.41, a P/E/G ratio of 3.92 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a one year low of $110.54 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The firm had revenue of $36.16 billion for the quarter, compared to the consensus estimate of $36.31 billion. During the same quarter in the previous year, the business earned $4.63 EPS. The firm’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, analysts expect that Phillips 66 will post 7.77 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be given a $1.15 dividend. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.83%. Phillips 66’s dividend payout ratio is presently 59.05%.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred 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 directly owns 81,937 shares in the company, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.22% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company decreased their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a 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 on the stock in a research note on Tuesday, October 8th. Mizuho decreased their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Finally, JPMorgan Chase & Co. cut their price objective on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $151.42.

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.