Cypress Capital Group reduced its stake in Phillips 66 (NYSE:PSX – Free Report) by 1.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 63,410 shares of the oil and gas company’s stock after selling 1,125 shares during the period. Phillips 66 accounts for approximately 1.0% of Cypress Capital Group’s holdings, making the stock its 26th largest holding. Cypress Capital Group’s holdings in Phillips 66 were worth $7,830,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Forum Financial Management LP boosted its holdings in shares of Phillips 66 by 1.0% during the fourth quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock worth $853,000 after acquiring an additional 77 shares during the period. CWC Advisors LLC. boosted its stake in shares of Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company’s stock valued at $1,110,000 after buying an additional 92 shares during the period. Hager Investment Management Services LLC boosted its stake in shares of Phillips 66 by 7.2% in the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company’s stock valued at $178,000 after buying an additional 96 shares during the period. Golden State Wealth Management LLC boosted its stake in shares of Phillips 66 by 14.4% in the first quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company’s stock valued at $95,000 after buying an additional 97 shares during the period. Finally, Lantern Wealth Advisors LLC boosted its stake in shares of Phillips 66 by 4.7% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company’s stock valued at $253,000 after buying an additional 99 shares during the period. 76.93% of the stock is currently owned by institutional investors.
Insiders Place Their Bets
In other news, Director Michael A. Heim purchased 1,000 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the business’s stock in a transaction on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company’s stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 1,939 shares of company stock valued at $237,725. 0.22% of the stock is currently owned by corporate insiders.
Phillips 66 Trading Down 0.1%
Phillips 66 (NYSE:PSX – Get Free Report) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. The business had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter last year, the firm posted $2.31 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.
Phillips 66 Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 4.0%. Phillips 66’s dividend payout ratio is presently 115.38%.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on PSX shares. Mizuho raised their target price on Phillips 66 from $132.00 to $138.00 and gave the company a “neutral” rating in a report on Tuesday, May 13th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 22nd. Morgan Stanley boosted their price target on Phillips 66 from $122.00 to $128.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 16th. Argus raised Phillips 66 to a “strong-buy” rating in a report on Thursday, July 31st. Finally, Wall Street Zen raised Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $136.20.
Phillips 66 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.
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