Phillips 66 $PSX Stock Holdings Lessened by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA reduced its holdings in Phillips 66 (NYSE:PSX) by 19.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,205 shares of the oil and gas company’s stock after selling 49,375 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.05% of Phillips 66 worth $52,391,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Leelyn Smith LLC acquired a new position in Phillips 66 in the third quarter worth $211,000. Parallel Advisors LLC grew its holdings in shares of Phillips 66 by 4.9% during the third quarter. Parallel Advisors LLC now owns 11,986 shares of the oil and gas company’s stock worth $3,060,000 after purchasing an additional 564 shares during the last quarter. International Assets Investment Management LLC increased its stake in shares of Phillips 66 by 35.7% in the third quarter. International Assets Investment Management LLC now owns 24,747 shares of the oil and gas company’s stock valued at $6,318,000 after buying an additional 6,517 shares in the last quarter. Chicago Partners Investment Group LLC increased its stake in shares of Phillips 66 by 8.1% in the third quarter. Chicago Partners Investment Group LLC now owns 21,572 shares of the oil and gas company’s stock valued at $6,109,000 after buying an additional 1,622 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Phillips 66 by 13.8% in the third quarter. Covestor Ltd now owns 363 shares of the oil and gas company’s stock valued at $93,000 after buying an additional 44 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PSX shares. UBS Group upped their price target on shares of Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, September 8th. Raymond James Financial restated an “outperform” rating and issued a $335.00 price objective on shares of Phillips 66 in a research report on Monday, October 19th. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Morgan Stanley upped their target price on shares of Phillips 66 from $284.00 to $290.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Weiss Ratings raised shares of Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $270.12.

Phillips 66 Trading Up 3.0%

Shares of NYSE PSX opened at $253.08 on Tuesday. The company’s 50 day simple moving average is $268.22 and its 200 day simple moving average is $202.07. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The firm has a market capitalization of $98.72 billion, a P/E ratio of 8.08, a P/E/G ratio of 0.14 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. The firm had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. During the same quarter in the previous year, the business earned $2.52 EPS. On average, analysts predict that Phillips 66 will post 33.63 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Tuesday, November 17th will be given a $1.33 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 2.1%. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio is 16.22%.

Phillips 66 declared that its Board of Directors has initiated a share buyback plan on Friday, July 31st that permits the company to repurchase $10 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.40% of the stock is owned by insiders.

About Phillips 66

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.