SteelPeak Wealth LLC Reduces Stock Holdings in Phillips 66 (NYSE:PSX)

SteelPeak Wealth LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 95.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,226 shares of the oil and gas company’s stock after selling 73,252 shares during the quarter. SteelPeak Wealth LLC’s holdings in Phillips 66 were worth $527,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PSX. Caxton Associates LP purchased a new position in Phillips 66 during the third quarter worth about $320,000. Waverly Advisors LLC acquired a new stake in shares of Phillips 66 during the third quarter worth about $310,000. United Services Automobile Association lifted its position in shares of Phillips 66 by 14.3% during the third quarter. United Services Automobile Association now owns 12,576 shares of the oil and gas company’s stock worth $1,511,000 after purchasing an additional 1,569 shares in the last quarter. Lazard Asset Management LLC lifted its position in shares of Phillips 66 by 1,562.6% during the third quarter. Lazard Asset Management LLC now owns 3,774 shares of the oil and gas company’s stock worth $452,000 after purchasing an additional 3,547 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Phillips 66 by 51.5% during the third quarter. AQR Capital Management LLC now owns 763,692 shares of the oil and gas company’s stock worth $91,758,000 after purchasing an additional 259,527 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. Barclays reduced their price target on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 30th. Mizuho reduced their price target on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a research report on Thursday, June 20th. Bank of America increased their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, March 15th. StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Finally, Argus reaffirmed a “buy” rating and issued a $167.00 target price on shares of Phillips 66 in a report on Thursday, May 30th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.79.

Insider Transactions at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of Phillips 66 stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 1.3 %

Shares of NYSE:PSX traded up $1.77 during trading on Friday, hitting $141.17. 10,211,532 shares of the company were exchanged, compared to its average volume of 2,338,853. The stock has a market capitalization of $59.85 billion, a P/E ratio of 10.86, a PEG ratio of 2.12 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. Phillips 66 has a 12-month low of $93.40 and a 12-month high of $174.08. The firm’s 50 day moving average price is $142.91 and its 200-day moving average price is $144.83.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). The company had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. During the same quarter in the prior year, the firm posted $4.21 EPS. On average, research analysts predict that Phillips 66 will post 11.08 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were given a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.26%. The ex-dividend date of this dividend was Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is currently 35.38%.

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.