SevenBridge Financial Group LLC Reduces Stake in Phillips 66 (NYSE:PSX)

SevenBridge Financial Group LLC lowered its holdings in Phillips 66 (NYSE:PSX) by 0.6% during the third quarter, HoldingsChannel reports. The fund owned 22,031 shares of the oil and gas company’s stock after selling 125 shares during the period. Phillips 66 accounts for about 1.2% of SevenBridge Financial Group LLC’s investment portfolio, making the stock its 26th biggest holding. SevenBridge Financial Group LLC’s holdings in Phillips 66 were worth $2,256,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 36,451,696 shares of the oil and gas company’s stock valued at $3,409,691,000 after acquiring an additional 1,172,468 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Phillips 66 by 19.7% in the 2nd quarter. Wells Fargo & Company MN now owns 10,863,480 shares of the oil and gas company’s stock valued at $1,016,170,000 after purchasing an additional 1,790,537 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Phillips 66 by 10.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 4,882,918 shares of the oil and gas company’s stock valued at $448,008,000 after purchasing an additional 463,870 shares during the period. LSV Asset Management boosted its position in shares of Phillips 66 by 2.4% in the 2nd quarter. LSV Asset Management now owns 4,701,505 shares of the oil and gas company’s stock valued at $439,778,000 after purchasing an additional 112,310 shares during the period. Finally, Nuveen Asset Management LLC boosted its position in shares of Phillips 66 by 3,861.0% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,744,797 shares of the oil and gas company’s stock valued at $350,288,000 after purchasing an additional 3,650,256 shares during the period. Institutional investors and hedge funds own 68.71% of the company’s stock.

In other Phillips 66 news, EVP Robert A. Herman sold 47,433 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $103.17, for a total transaction of $4,893,662.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.13% of the stock is currently owned by company insiders.

Phillips 66 stock traded up $2.30 during mid-day trading on Wednesday, reaching $103.12. 23,046 shares of the company were exchanged, compared to its average volume of 2,631,317. Phillips 66 has a twelve month low of $78.44 and a twelve month high of $119.14. The firm’s 50-day simple moving average is $100.72 and its two-hundred day simple moving average is $95.25. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.82 and a current ratio of 1.28. The firm has a market cap of $45.24 billion, a PE ratio of 8.81, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 26th. The oil and gas company reported $3.02 earnings per share for the quarter, topping analysts’ consensus estimates of $2.70 by $0.32. Phillips 66 had a return on equity of 19.75% and a net margin of 4.76%. The company had revenue of $28.52 billion during the quarter, compared to analysts’ expectations of $29.89 billion. During the same period last year, the firm earned $2.80 EPS. As a group, equities research analysts anticipate that Phillips 66 will post 7.5 EPS for the current year.

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 given a dividend of $0.90 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $3.60 dividend on an annualized basis and a yield of 3.49%. Phillips 66’s payout ratio is 30.74%.

A number of analysts recently issued reports on PSX shares. Raymond James upped their target price on Phillips 66 from $117.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday. Wells Fargo & Co upped their target price on Phillips 66 from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their target price on Phillips 66 from $126.00 to $115.00 and set an “overweight” rating for the company in a research report on Tuesday, September 10th. Citigroup raised Phillips 66 from a “neutral” rating to a “buy” rating in a research report on Friday, June 21st. Finally, Cowen upped their target price on Phillips 66 from $112.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $113.80.

Phillips 66 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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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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