SteelPeak Wealth LLC Trims Stake in Phillips 66 (NYSE:PSX)

SteelPeak Wealth LLC lessened its holdings in Phillips 66 (NYSE:PSX) by 74.7% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 15,028 shares of the oil and gas company’s stock after selling 44,482 shares during the period. SteelPeak Wealth LLC’s holdings in Phillips 66 were worth $1,975,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Manning & Napier Advisors LLC purchased a new stake in Phillips 66 in the 2nd quarter worth $17,670,000. M&G Plc purchased a new stake in Phillips 66 in the 2nd quarter worth $3,596,000. Duality Advisers LP purchased a new stake in Phillips 66 in the 1st quarter worth $3,596,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Phillips 66 by 42.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after buying an additional 39,775 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S increased its stake in Phillips 66 by 69.8% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock worth $6,175,000 after buying an additional 15,542 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. Raymond James increased their price target on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Barclays cut their price objective on Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 8th. Mizuho cut their price objective on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Wolfe Research initiated coverage on Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Finally, Piper Sandler set a $144.00 price objective on Phillips 66 in a research report on Thursday, October 17th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $151.00.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Down 1.0 %

Shares of NYSE:PSX opened at $122.05 on Thursday. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 12 month low of $110.54 and a 12 month high of $174.08. The company has a 50-day moving average price of $131.80 and a 200 day moving average price of $138.20. The company has a market cap of $51.09 billion, a price-to-earnings ratio of 15.67, a PEG ratio of 5.47 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $4.63 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 7.81 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.77%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is currently 59.05%.

Phillips 66 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.