Forum Financial Management LP Lowers Position in Phillips 66 $PSX

Forum Financial Management LP lessened its stake in shares of Phillips 66 (NYSE:PSX) by 70.9% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 2,713 shares of the oil and gas company’s stock after selling 6,612 shares during the period. Forum Financial Management LP’s holdings in Phillips 66 were worth $494,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of PSX. MUFG Securities EMEA plc lifted its stake in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after buying an additional 8,783 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after buying an additional 199,646 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich purchased a new stake in Phillips 66 in the 3rd quarter worth $2,394,000. Truist Financial Corp raised its holdings in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after acquiring an additional 10,585 shares during the period. Finally, Royal Fund Management LLC raised its holdings in Phillips 66 by 20.6% during the fourth quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock valued at $6,958,000 after acquiring an additional 9,214 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE PSX opened at $169.05 on Wednesday. The stock has a market capitalization of $67.78 billion, a PE ratio of 16.66, a P/E/G ratio of 0.25 and a beta of 0.68. The business has a 50 day simple moving average of $173.41 and a two-hundred day simple moving average of $160.58. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $190.61.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.0%. Phillips 66’s payout ratio is 50.05%.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 600 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,705,826.56. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director 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 disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Argus upped their price objective on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Jefferies Financial Group lifted their target price on Phillips 66 from $173.00 to $191.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Piper Sandler boosted their price target on Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a report on Wednesday, April 8th. The Goldman Sachs Group upped their price target on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 19th. Finally, TD Cowen increased their price objective on shares of Phillips 66 from $213.00 to $220.00 and gave the company a “buy” rating in a report on Monday. Two 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $192.72.

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.