State of New Jersey Common Pension Fund D Lowers Holdings in Phillips 66 (NYSE:PSX)

State of New Jersey Common Pension Fund D trimmed its holdings in Phillips 66 (NYSE:PSX) by 38.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 158,302 shares of the oil and gas company’s stock after selling 96,867 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Phillips 66 were worth $22,347,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PSX. Gryphon Financial Partners LLC boosted its holdings in Phillips 66 by 11.4% in the fourth quarter. Gryphon Financial Partners LLC now owns 4,166 shares of the oil and gas company’s stock valued at $546,000 after purchasing an additional 426 shares during the last quarter. Foundations Investment Advisors LLC boosted its holdings in Phillips 66 by 8.8% in the fourth quarter. Foundations Investment Advisors LLC now owns 3,230 shares of the oil and gas company’s stock valued at $470,000 after purchasing an additional 261 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Phillips 66 by 7.4% in the fourth quarter. Quadrant Capital Group LLC now owns 5,076 shares of the oil and gas company’s stock valued at $676,000 after purchasing an additional 351 shares during the last quarter. Beacon Pointe Advisors LLC boosted its holdings in Phillips 66 by 6.5% in the fourth quarter. Beacon Pointe Advisors LLC now owns 50,328 shares of the oil and gas company’s stock valued at $6,701,000 after purchasing an additional 3,055 shares during the last quarter. Finally, Meridian Wealth Management LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth about $213,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the 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 completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Up 0.6 %

PSX opened at $125.72 on Friday. The company has a market cap of $53.30 billion, a PE ratio of 9.67, a price-to-earnings-growth ratio of 2.31 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The company has a 50-day moving average price of $136.03 and a 200 day moving average price of $144.32.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.87 EPS. Sell-side analysts expect that Phillips 66 will post 9.25 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.66%. Phillips 66’s payout ratio is 35.38%.

Analyst Upgrades and Downgrades

PSX has been the topic of several recent analyst reports. Barclays increased their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Argus reissued a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research note on Thursday, May 30th. Piper Sandler lowered their target price on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Raymond James increased their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, TD Cowen lowered their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $156.92.

Phillips 66 Company Profile

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.