Kovack Advisors Inc. Has $749,000 Stock Position in Phillips 66 (NYSE:PSX)

Kovack Advisors Inc. cut its position in Phillips 66 (NYSE:PSX) by 5.3% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 4,584 shares of the oil and gas company’s stock after selling 255 shares during the quarter. Kovack Advisors Inc.’s holdings in Phillips 66 were worth $749,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Norges Bank acquired a new stake in Phillips 66 in the 4th quarter valued at approximately $559,435,000. Boston Partners boosted its holdings in Phillips 66 by 962.0% in the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock valued at $513,327,000 after purchasing an additional 3,494,878 shares during the period. International Assets Investment Management LLC acquired a new stake in Phillips 66 in the 4th quarter worth $254,336,000. Wellington Management Group LLP increased its holdings in shares of Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares during the period. Finally, Public Employees Retirement Association of Colorado raised its position in shares of Phillips 66 by 4,556.1% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 953,020 shares of the oil and gas company’s stock valued at $126,885,000 after buying an additional 932,552 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Argus reaffirmed a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a report on Thursday, May 30th. Barclays reduced their target price on Phillips 66 from $147.00 to $142.00 and set an “equal weight” rating for the company in a research report on Monday. Wells Fargo & Company boosted their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Piper Sandler reduced their price objective on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. Finally, Mizuho dropped their price target on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a research report on Thursday, June 20th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $157.07.

Phillips 66 Price Performance

PSX traded down $0.10 during trading on Thursday, hitting $140.37. The company’s stock had a trading volume of 1,081,569 shares, compared to its average volume of 2,593,537. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $59.51 billion, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 2.13 and a beta of 1.34. The firm’s 50 day moving average price is $142.22 and its two-hundred day moving average price is $144.98. Phillips 66 has a 12 month low of $94.51 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the prior year, the firm earned $4.21 earnings per share. Sell-side analysts forecast that Phillips 66 will post 10.99 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at $7,051,617. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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.