Cornercap Investment Counsel Inc. trimmed its position in Phillips 66 (NYSE:PSX) by 6.2% during the first quarter, Holdings Channel reports. The firm owned 36,329 shares of the oil and gas company’s stock after selling 2,420 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Phillips 66 were worth $1,949,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Wealthfront Advisers LLC raised its holdings in Phillips 66 by 8.0% in the 4th quarter. Wealthfront Advisers LLC now owns 8,882 shares of the oil and gas company’s stock valued at $990,000 after acquiring an additional 661 shares during the period. RFG Advisory LLC bought a new position in Phillips 66 in the 4th quarter valued at about $535,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA raised its holdings in Phillips 66 by 138.6% in the 4th quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,734 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 1,588 shares during the period. SeaCrest Wealth Management LLC raised its holdings in Phillips 66 by 6.1% in the 4th quarter. SeaCrest Wealth Management LLC now owns 4,256 shares of the oil and gas company’s stock valued at $474,000 after acquiring an additional 245 shares during the period. Finally, Savior LLC bought a new position in Phillips 66 in the 4th quarter valued at about $32,000. 69.03% of the stock is currently owned by institutional investors.
In related news, Director John E. Lowe bought 2,000 shares of the business’s stock in a transaction on Thursday, February 27th. The shares were purchased at an average price of $76.71 per share, for a total transaction of $153,420.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Gary Kramer Adams bought 1,250 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was bought at an average price of $76.40 per share, for a total transaction of $95,500.00. Following the transaction, the director now directly owns 10,213 shares of the company’s stock, valued at $780,273.20. The disclosure for this purchase can be found here. Insiders acquired 4,250 shares of company stock worth $323,850 in the last 90 days. Company insiders own 0.63% of the company’s stock.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.02 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.39. The business had revenue of $21.24 billion for the quarter, compared to analyst estimates of $22.04 billion. Phillips 66 had a net margin of 0.35% and a return on equity of 14.90%. During the same quarter last year, the business posted $0.40 EPS. As a group, sell-side analysts expect that Phillips 66 will post 2.32 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be given a dividend of $0.90 per share. The ex-dividend date is Friday, May 15th. This represents a $3.60 annualized dividend and a dividend yield of 4.71%. Phillips 66’s dividend payout ratio is 44.72%.
Several research analysts have weighed in on the stock. Jefferies Financial Group raised shares of Phillips 66 from a “hold” rating to a “buy” rating and lowered their price target for the company from $110.00 to $73.00 in a report on Thursday, March 26th. Barclays reaffirmed a “buy” rating and set a $94.00 target price on shares of Phillips 66 in a report on Wednesday, April 8th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $120.00 target price on the stock in a report on Monday, April 20th. Piper Sandler lowered their target price on shares of Phillips 66 from $139.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, February 28th. Finally, Royal Bank of Canada raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and set a $67.00 target price on the stock in a report on Sunday, March 29th. Two research analysts have rated the stock with a sell rating and seventeen have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $89.00.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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