Wells Fargo & Company MN Sells 951,095 Shares of Phillips 66 $PSX

Wells Fargo & Company MN cut its position in Phillips 66 (NYSE:PSX) by 6.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,152,872 shares of the oil and gas company’s stock after selling 951,095 shares during the quarter. Wells Fargo & Company MN owned approximately 3.51% of Phillips 66 worth $1,826,286,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. CYBER HORNET ETFs LLC raised its holdings in Phillips 66 by 5.7% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after purchasing an additional 66 shares during the last quarter. L2 Asset Management LLC raised its holdings in Phillips 66 by 4.0% during the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock worth $257,000 after purchasing an additional 72 shares during the last quarter. GHP Investment Advisors Inc. raised its holdings in Phillips 66 by 2.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock worth $414,000 after purchasing an additional 72 shares during the last quarter. Johnson Financial Group Inc. raised its holdings in Phillips 66 by 11.9% during the fourth quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 72 shares during the last quarter. Finally, Mesirow Financial Investment Management Inc. raised its holdings in Phillips 66 by 0.5% during the third quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company’s stock worth $2,130,000 after purchasing an additional 73 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PSX. Wells Fargo & Company lifted their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Piper Sandler lifted their price objective on Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a report on Wednesday, April 8th. Finally, BMO Capital Markets lifted their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $192.33.

Insiders Place Their Bets

In related news, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost 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 in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction on Friday, May 8th. The stock was 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 directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 45,629 shares of company stock valued at $8,071,540. Insiders own 0.40% of the company’s stock.

Phillips 66 Stock Performance

NYSE PSX opened at $179.27 on Friday. Phillips 66 has a fifty-two week low of $118.00 and a fifty-two week high of $190.61. The stock has a market cap of $71.87 billion, a price-to-earnings ratio of 17.66, a price-to-earnings-growth ratio of 0.26 and a beta of 0.68. The business has a fifty day moving average of $172.49 and a 200-day moving average of $157.75. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. During the same period in the previous year, the firm posted ($0.90) earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts predict that Phillips 66 will post 17.86 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s payout ratio is 50.05%.

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.