True Freedom Investing LLC Sells 6,289 Shares of Phillips 66 $PSX

True Freedom Investing LLC cut its stake in Phillips 66 (NYSE:PSX) by 15.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 34,082 shares of the oil and gas company’s stock after selling 6,289 shares during the period. Phillips 66 accounts for about 1.4% of True Freedom Investing LLC’s portfolio, making the stock its 13th largest position. True Freedom Investing LLC’s holdings in Phillips 66 were worth $8,701,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of PSX. NFSG Corp increased its holdings in Phillips 66 by 105.6% in the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter valued at about $27,000. Compass Financial Management LLC acquired a new stake in Phillips 66 in the 2nd quarter valued at $28,000. Kelleher Financial Advisors purchased a new stake in shares of Phillips 66 during the second quarter worth about $29,000. Finally, J.Safra Asset Management Corp acquired a new position in shares of Phillips 66 during the second quarter valued at approximately $30,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Barclays lifted their price target on Phillips 66 from $216.00 to $282.00 and gave the stock an “equal weight” rating in a research note on Monday, October 12th. BMO Capital Markets raised their price objective on Phillips 66 from $260.00 to $310.00 and gave the company an “outperform” rating in a report on Thursday, September 17th. Mizuho cut shares of Phillips 66 from an “outperform” rating to a “neutral” rating and lifted their target price for the stock from $220.00 to $300.00 in a research note on Thursday, October 8th. The Goldman Sachs Group upped their target price on shares of Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. Finally, Piper Sandler increased their target price on shares of Phillips 66 from $264.00 to $268.00 and gave the company a “neutral” rating in a research report on Thursday. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $269.47.

Insider Activity at Phillips 66

In related news, EVP Richard Harbison sold 52,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Brian Mandell sold 23,400 shares of the stock in a transaction that occurred on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $16,326,370.70. The trade was a 27.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 108,800 shares of company stock worth $25,016,566. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Stock Up 0.1%

Shares of PSX opened at $283.18 on Monday. Phillips 66 has a 52-week low of $127.16 and a 52-week high of $299.39. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. The stock has a fifty day simple moving average of $266.19 and a two-hundred day simple moving average of $198.51. The company has a market capitalization of $110.46 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 0.15 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. The firm had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the prior year, the firm posted $2.52 earnings per share. As a group, equities analysts forecast that Phillips 66 will post 33.11 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be issued a dividend of $1.33 per share. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is 16.22%.

Phillips 66 announced that its Board of Directors has initiated a share repurchase program on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Share buyback programs are often a sign that the company’s management believes its shares are undervalued.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.