Connecticut Wealth Management LLC Cuts Position in Phillips 66 (NYSE:PSX)

Connecticut Wealth Management LLC reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 23.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,150 shares of the oil and gas company’s stock after selling 2,248 shares during the quarter. Connecticut Wealth Management LLC’s holdings in Phillips 66 were worth $952,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the business. Avidian Wealth Solutions LLC raised its position in Phillips 66 by 3.1% in the fourth quarter. Avidian Wealth Solutions LLC now owns 4,575 shares of the oil and gas company’s stock valued at $609,000 after purchasing an additional 136 shares during the period. National Bank of Canada FI lifted its position in Phillips 66 by 150.8% during the 4th quarter. National Bank of Canada FI now owns 458,395 shares of the oil and gas company’s stock worth $61,561,000 after acquiring an additional 275,590 shares in the last quarter. Ellerson Group Inc. ADV boosted its holdings in Phillips 66 by 4.4% in the 4th quarter. Ellerson Group Inc. ADV now owns 30,421 shares of the oil and gas company’s stock worth $4,050,000 after acquiring an additional 1,269 shares during the period. Forte Capital LLC ADV acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $214,000. Finally, TCG Advisory Services LLC raised its stake in shares of Phillips 66 by 1,000.4% during the fourth quarter. TCG Advisory Services LLC now owns 107,958 shares of the oil and gas company’s stock valued at $14,374,000 after purchasing an additional 98,147 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Scotiabank raised their price objective on Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Mizuho cut their target price on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a research report on Friday, April 12th. Bank of America lifted their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Finally, Citigroup initiated coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They set a “buy” rating on the stock. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.43.

Insider Buying and Selling

In related news, Director Robert W. Pease bought 682 shares of the stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $146.58 per share, with a total value of $99,967.56. Following the purchase, the director now owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Robert W. Pease bought 682 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was purchased at an average cost of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the transaction, the director now directly owns 1,900 shares of the company’s stock, valued at approximately $278,502. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of Phillips 66 stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the transaction, the vice president now owns 6,583 shares in the company, valued at $1,035,242.58. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock valued at $5,272,681 in the last three months. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Performance

NYSE PSX traded down $0.26 during trading hours on Friday, hitting $143.61. The company had a trading volume of 1,806,203 shares, compared to its average volume of 2,353,122. Phillips 66 has a fifty-two week low of $89.74 and a fifty-two week high of $174.08. The firm has a market cap of $60.88 billion, a P/E ratio of 11.05, a price-to-earnings-growth ratio of 1.82 and a beta of 1.41. The company has a quick ratio of 1.02, a current ratio of 1.17 and a debt-to-equity ratio of 0.58. The business has a fifty day simple moving average of $155.55 and a 200-day simple moving average of $138.35.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The firm had revenue of $36.44 billion during the quarter, compared to analyst estimates of $35.87 billion. During the same period last year, the business earned $4.21 EPS. Equities analysts predict that Phillips 66 will post 13.17 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.20%. Phillips 66’s payout ratio is currently 32.31%.

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.