Verity Asset Management Inc. Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Verity Asset Management Inc. trimmed its holdings in Phillips 66 (NYSE:PSX) by 32.1% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,896 shares of the oil and gas company’s stock after selling 1,371 shares during the quarter. Verity Asset Management Inc.’s holdings in Phillips 66 were worth $381,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in PSX. Mitchell & Pahl Private Wealth LLC increased its holdings in shares of Phillips 66 by 0.4% in the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock valued at $2,519,000 after acquiring an additional 74 shares during the period. Catalyst Financial Partners LLC grew its stake in shares of Phillips 66 by 5.1% in the 2nd quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock valued at $214,000 after purchasing an additional 74 shares during the last quarter. Advisory Alpha LLC raised its stake in shares of Phillips 66 by 4.8% during the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock worth $233,000 after purchasing an additional 76 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Phillips 66 by 1.8% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company’s stock worth $616,000 after purchasing an additional 77 shares during the period. Finally, Atomi Financial Group Inc. grew its position in Phillips 66 by 1.5% in the 1st quarter. Atomi Financial Group Inc. now owns 5,452 shares of the oil and gas company’s stock valued at $890,000 after buying an additional 80 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent analyst reports. Bank of America started coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They issued a “buy” rating and a $156.00 target price for the company. Wells Fargo & Company lowered their price objective on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. UBS Group reduced their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a report on Monday, November 4th. Mizuho dropped their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. Finally, TD Cowen decreased their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $150.38.

Phillips 66 Trading Down 0.2 %

Shares of PSX opened at $126.47 on Friday. Phillips 66 has a 1-year low of $110.54 and a 1-year high of $174.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm has a 50 day simple moving average of $130.12 and a 200-day simple moving average of $136.72. The stock has a market cap of $52.23 billion, a price-to-earnings ratio of 16.23, a price-to-earnings-growth ratio of 4.17 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analysts’ expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.63 earnings per share. Equities analysts forecast that Phillips 66 will post 7.68 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be issued 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 3.64%. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Insider Activity

In related 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 sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.22% of the company’s stock.

Phillips 66 Company 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.