Meyer Handelman Co. Reduces Stock Position in Phillips 66 $PSX

Meyer Handelman Co. trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 11.8% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 33,272 shares of the oil and gas company’s stock after selling 4,450 shares during the quarter. Meyer Handelman Co.’s holdings in Phillips 66 were worth $4,526,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. PFS Partners LLC boosted its holdings in shares of Phillips 66 by 24.8% in the 3rd quarter. PFS Partners LLC now owns 781 shares of the oil and gas company’s stock worth $106,000 after purchasing an additional 155 shares during the period. Nvwm LLC increased its position in Phillips 66 by 3.9% during the third quarter. Nvwm LLC now owns 4,725 shares of the oil and gas company’s stock valued at $643,000 after acquiring an additional 176 shares during the last quarter. SWS Partners raised its stake in shares of Phillips 66 by 5.4% in the third quarter. SWS Partners now owns 19,604 shares of the oil and gas company’s stock valued at $2,667,000 after acquiring an additional 1,006 shares during the period. CRA Financial Services LLC bought a new stake in shares of Phillips 66 in the 3rd quarter worth about $204,000. Finally, Blue Trust Inc. grew its holdings in Phillips 66 by 5.6% during the 3rd quarter. Blue Trust Inc. now owns 3,841 shares of the oil and gas company’s stock valued at $522,000 after purchasing an additional 205 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $127.71 on Friday. The stock has a market capitalization of $51.46 billion, a PE ratio of 34.89, a PEG ratio of 0.68 and a beta of 0.92. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $144.96. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. The company has a 50 day moving average price of $135.73 and a 200-day moving average price of $130.40.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The business had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same quarter last year, the firm earned $2.04 EPS. Equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Monday, November 17th were issued a $1.20 dividend. The ex-dividend date was Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.8%. Phillips 66’s payout ratio is currently 131.15%.

Analyst Ratings Changes

A number of brokerages recently issued reports on PSX. Mizuho raised their price target on Phillips 66 from $145.00 to $150.00 and gave the stock a “neutral” rating in a research note on Friday, December 12th. Raymond James Financial lowered their target price on shares of Phillips 66 from $169.00 to $160.00 and set an “outperform” rating for the company in a research note on Monday, December 22nd. Jefferies Financial Group raised their price target on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a research note on Friday, October 10th. Morgan Stanley boosted their price objective on shares of Phillips 66 from $128.00 to $140.00 and gave the company an “equal weight” rating in a research report on Friday, October 3rd. Finally, Piper Sandler upped their target price on shares of Phillips 66 from $170.00 to $171.00 and gave the stock a “neutral” rating in a research note on Friday, December 5th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $147.82.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the completion of the sale, the chief financial officer owned 89,771 shares of the company’s stock, valued at $12,388,398. This represents a 25.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 25,500 shares of Phillips 66 stock in a transaction on Monday, December 1st. The stock was sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 81,700 shares of company stock valued at $11,318,236. Insiders own 0.22% of the company’s stock.

Phillips 66 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.