Newbridge Financial Services Group Inc. Reduces Position in Phillips 66 (NYSE:PSX)

Newbridge Financial Services Group Inc. trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 50.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 466 shares of the oil and gas company’s stock after selling 470 shares during the quarter. Newbridge Financial Services Group Inc.’s holdings in Phillips 66 were worth $76,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Redmont Wealth Advisors LLC bought a new stake in Phillips 66 in the first quarter valued at about $28,000. Ables Iannone Moore & Associates Inc. bought a new stake in Phillips 66 in the fourth quarter valued at about $27,000. First United Bank & Trust bought a new stake in Phillips 66 in the fourth quarter valued at about $31,000. Rise Advisors LLC bought a new stake in Phillips 66 in the first quarter valued at about $40,000. Finally, Signature Resources Capital Management LLC bought a new stake in Phillips 66 in the fourth quarter valued at about $33,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research analyst reports. The Goldman Sachs Group boosted their price objective on Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Piper Sandler decreased their target price on Phillips 66 from $187.00 to $170.00 and set an “overweight” rating for the company in a research note on Tuesday, May 14th. StockNews.com downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Bank of America lifted their target price on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15th. Finally, Mizuho decreased their target price on Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a research note on Friday, April 12th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.21.

Insider Buying and Selling

In other Phillips 66 news, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was 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 of the company’s stock, valued at $1,035,242.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction 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 have sold a total of 50,864 shares of company stock valued at $7,567,178 over the last quarter. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX traded down $1.24 during midday trading on Wednesday, hitting $142.90. 2,440,192 shares of the stock were exchanged, compared to its average volume of 2,836,946. Phillips 66 has a one year low of $89.74 and a one year high of $174.08. The company has a market capitalization of $60.58 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.96 and a beta of 1.41. The business has a 50-day moving average price of $155.14 and a two-hundred day moving average price of $141.08. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the previous year, the firm earned $4.21 EPS. Sell-side analysts predict that Phillips 66 will post 12.26 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. This represents a $4.60 annualized dividend and a yield of 3.22%. Phillips 66’s payout ratio is presently 35.38%.

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.