Friedenthal Financial Reduces Stock Position in Phillips 66 $PSX

Friedenthal Financial cut its position in Phillips 66 (NYSE:PSX) by 97.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 157 shares of the oil and gas company’s stock after selling 7,432 shares during the period. Friedenthal Financial’s holdings in Phillips 66 were worth $29,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after acquiring an additional 205,480 shares during the period. State Street Corp increased its stake in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after acquiring an additional 175,616 shares during the period. Geode Capital Management LLC raised its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the last quarter. Norges Bank purchased a new position in shares of Phillips 66 during the fourth quarter worth $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after purchasing an additional 89,621 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Analysts nudged Phillips 66’s fair value estimate higher, citing refining margin trends, tight product inventories, and progress on the company’s refining and midstream initiatives. Phillips 66 (PSX) Stock Sees Modest Fair Value Lift As Analysts Rework Targets
• Positive Sentiment: Wall Street coverage remained broadly favorable, with articles highlighting Phillips 66 as an attractive investment on broker recommendations, which can help support sentiment around the stock. Wall Street Analysts Think Phillips 66 (PSX) Is a Good Investment: Is It?
• Positive Sentiment: Market commentary also singled out Phillips 66 as a top energy idea while oil traded near $70, suggesting investors still see upside in the refining and energy complex. Don’t Miss Out: 2 Top Energy Stocks to Buy Now as Oil Trades Near 70
• Positive Sentiment: Phillips 66 announced a 7-megawatt waste-heat-to-power project with Kanin Energy, a no-upfront-capex initiative that could improve efficiency and reduce emissions. Phillips 66 (PSX) Partners With Kanin Energy On 7 Megawatt Power Project

Phillips 66 Price Performance

Shares of NYSE PSX opened at $171.58 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a fifty day moving average of $172.74 and a 200 day moving average of $159.93. The firm has a market cap of $68.79 billion, a PE ratio of 16.90, a PEG ratio of 0.24 and a beta of 0.68. Phillips 66 has a one year low of $118.00 and a one year high of $190.61.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the firm posted ($0.90) earnings per share. The company’s revenue was up 6.9% compared to the same quarter last year. As a group, research analysts predict that Phillips 66 will post 18.22 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, May 18th. Phillips 66’s dividend payout ratio is 50.05%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Wolfe Research boosted their price objective on Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Barclays upped their target price on Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 8th. Citigroup raised their target price on Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Finally, Scotiabank boosted their price target on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $192.33.

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 45,629 shares of company stock worth $8,071,540 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Company Profile

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.