Phillips 66 (NYSE:PSX) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 24.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,915 shares of the oil and gas company’s stock after selling 2,298 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Phillips 66 were worth $909,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC acquired a new stake in Phillips 66 during the 1st quarter valued at approximately $25,000. nVerses Capital LLC acquired a new stake in Phillips 66 during the 3rd quarter valued at approximately $26,000. Bank & Trust Co acquired a new stake in Phillips 66 during the 2nd quarter valued at approximately $31,000. Values First Advisors Inc. acquired a new stake in Phillips 66 during the 3rd quarter valued at approximately $30,000. Finally, Opal Wealth Advisors LLC bought a new position in Phillips 66 during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $127.68 on Wednesday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The business’s 50-day moving average price is $129.87 and its 200 day moving average price is $136.21. Phillips 66 has a 52-week low of $111.90 and a 52-week high of $174.08. The firm has a market cap of $52.73 billion, a P/E ratio of 16.39, a PEG ratio of 4.12 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same period in the previous year, the business earned $4.63 earnings per share. Phillips 66’s revenue for the quarter was down 10.3% compared to the same quarter last year. As a group, sell-side analysts predict that Phillips 66 will post 7.68 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.60%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. JPMorgan Chase & Co. reduced their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Raymond James increased their target price on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Mizuho reduced their target price on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating on the stock in a report on Monday, September 16th. TD Cowen reduced their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Piper Sandler set a $144.00 target price on Phillips 66 in a report on Thursday, October 17th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the sale, the chief financial officer now directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is owned by company insiders.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.