ProShare Advisors LLC Sells 8,391 Shares of Phillips 66 $PSX

ProShare Advisors LLC cut its stake in Phillips 66 (NYSE:PSX) by 9.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,675 shares of the oil and gas company’s stock after selling 8,391 shares during the quarter. ProShare Advisors LLC’s holdings in Phillips 66 were worth $10,973,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% in the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the period. Geode Capital Management LLC grew its stake in Phillips 66 by 17.4% during the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after acquiring an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Phillips 66 by 6.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock worth $1,120,794,000 after acquiring an additional 537,245 shares during the period. Finally, Norges Bank bought a new stake in Phillips 66 during the 2nd quarter worth approximately $523,755,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 25,500 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the sale, the executive vice president owned 56,838 shares of the company’s stock, valued at $7,959,593.52. This trade represents a 30.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president directly owned 25,799 shares of the company’s stock, valued at approximately $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 60,488 shares of company stock valued at $8,474,466. 0.22% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on PSX. Mizuho raised their price target on shares of Phillips 66 from $150.00 to $152.00 and gave the company a “neutral” rating in a report on Monday, January 12th. Wolfe Research lifted their price objective on Phillips 66 from $159.00 to $164.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Piper Sandler boosted their target price on Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Wall Street Zen cut Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. Finally, Morgan Stanley lifted their price target on Phillips 66 from $140.00 to $147.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $157.18.

Phillips 66 Trading Up 2.6%

Shares of PSX opened at $161.32 on Thursday. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $161.53. The firm has a market cap of $65.00 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 0.56 and a beta of 0.90. The firm has a 50 day moving average price of $139.65 and a 200-day moving average price of $134.43. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. During the same quarter last year, the company earned ($0.15) EPS. As a group, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be issued a $1.27 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is presently 44.36%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.