MMA Asset Management LLC Decreases Stock Position in Phillips 66 (NYSE:PSX)

MMA Asset Management LLC reduced its position in Phillips 66 (NYSE:PSX) by 13.7% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,574 shares of the oil and gas company’s stock after selling 250 shares during the period. MMA Asset Management LLC’s holdings in Phillips 66 were worth $229,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in PSX. First United Bank & Trust bought a new stake in Phillips 66 in the 4th quarter worth approximately $31,000. Cornerstone Planning Group LLC grew its position in Phillips 66 by 134.8% in the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock worth $32,000 after purchasing an additional 151 shares during the period. Signature Resources Capital Management LLC bought a new stake in Phillips 66 in the 4th quarter worth approximately $33,000. Bruce G. Allen Investments LLC bought a new stake in Phillips 66 in the 4th quarter worth approximately $36,000. Finally, Gladius Capital Management LP bought a new stake in Phillips 66 in the 4th quarter worth approximately $36,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Joseph Scott Pruitt sold 5,922 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the transaction, the vice president now directly owns 6,583 shares in the company, valued at $1,036,164.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Scott Pruitt sold 5,922 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,036,164.20. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 50,864 shares of company stock worth $7,567,178. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Trading Up 0.3 %

PSX stock traded up $0.49 during mid-day trading on Friday, reaching $142.68. The company had a trading volume of 1,250,654 shares, compared to its average volume of 2,284,897. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. The company has a market capitalization of $60.49 billion, a PE ratio of 10.98, a price-to-earnings-growth ratio of 1.94 and a beta of 1.41. The firm has a 50 day moving average of $154.57 and a 200 day moving average of $141.66. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The business had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same quarter in the prior year, the business posted $4.21 earnings per share. On average, equities analysts predict that Phillips 66 will post 12.26 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.22%. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSX. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Piper Sandler cut their price objective on shares of Phillips 66 from $187.00 to $170.00 and set an “overweight” rating for the company in a research report on Tuesday, May 14th. JPMorgan Chase & Co. boosted their price objective on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Bank of America boosted their price objective on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, March 15th. Finally, The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.21.

About Phillips 66

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.