Parsons Capital Management Inc. RI trimmed its position in Phillips 66 (NYSE:PSX) by 1.1% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 35,748 shares of the oil and gas company’s stock after selling 400 shares during the period. Parsons Capital Management Inc. RI’s holdings in Phillips 66 were worth $3,344,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of PSX. TRUE Private Wealth Advisors bought a new stake in Phillips 66 in the 2nd quarter worth about $26,000. Harvest Group Wealth Management LLC bought a new stake in Phillips 66 in the 1st quarter worth about $31,000. Manchester Financial Inc. bought a new stake in Phillips 66 in the 2nd quarter worth about $32,000. Coastal Capital Group Inc. bought a new stake in Phillips 66 in the 2nd quarter worth about $37,000. Finally, TCG Advisors LP bought a new stake in Phillips 66 in the 1st quarter worth about $38,000. 71.31% of the stock is owned by institutional investors and hedge funds.
PSX traded down $0.46 during midday trading on Thursday, reaching $97.07. The company had a trading volume of 114,114 shares, compared to its average volume of 2,414,667. The company has a current ratio of 1.28, a quick ratio of 0.82 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $44.10 billion, a PE ratio of 8.28, a PEG ratio of 1.94 and a beta of 1.10. Phillips 66 has a 12-month low of $78.44 and a 12-month high of $121.54. The business’s 50-day moving average price is $99.13.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th will be paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date of this dividend is Monday, August 19th. Phillips 66’s payout ratio is 30.74%.
A number of equities research analysts have issued reports on the stock. Raymond James upped their price objective on shares of Phillips 66 from $110.00 to $117.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price objective for the company in a research report on Monday, April 29th. They noted that the move was a valuation call. Citigroup raised shares of Phillips 66 from a “neutral” rating to a “buy” rating in a research report on Friday, June 21st. Morgan Stanley reduced their price objective on shares of Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a research report on Friday, May 17th. Finally, ValuEngine downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Phillips 66 currently has an average rating of “Buy” and an average price target of $117.64.
In related news, Director John E. Lowe bought 2,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The shares were purchased at an average cost of $82.91 per share, for a total transaction of $165,820.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.13% of the stock is owned by insiders.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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