Alta Capital Management LLC Sells 3,170 Shares of Phillips 66 $PSX

Alta Capital Management LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 30.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 7,231 shares of the oil and gas company’s stock after selling 3,170 shares during the quarter. Alta Capital Management LLC’s holdings in Phillips 66 were worth $933,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in PSX. Board of the Pension Protection Fund bought a new position in Phillips 66 during the 4th quarter valued at about $26,000. Accordant Advisory Group Inc boosted its position in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 in the 4th quarter valued at about $27,000. Stephens Consulting LLC boosted its position in Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 90 shares during the period. Finally, Dorato Capital Management purchased a new stake in Phillips 66 in the 4th quarter valued at about $35,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 2.1%

NYSE:PSX opened at $179.85 on Tuesday. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The firm has a market cap of $72.11 billion, a P/E ratio of 17.72, a P/E/G ratio of 0.26 and a beta of 0.70. The firm has a 50-day simple moving average of $171.05 and a 200-day simple moving average of $152.25.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the business posted ($0.90) EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be issued a $1.27 dividend. The ex-dividend date is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. Phillips 66’s payout ratio is currently 50.05%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wolfe Research boosted their price objective on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 31st. Scotiabank boosted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Piper Sandler boosted their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. Finally, Argus boosted their price objective on shares of Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus price target of $186.28.

Key Stories Impacting Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 announced the Zeus Gas Plant and a third Coastal Bend Fractionator, a meaningful capacity expansion that could support future growth in gas processing and fractionation volumes. Reuters: Phillips 66 to expand gas processing in Permian Basin and Gulf Coast
• Positive Sentiment: The new projects deepen Phillips 66’s Permian-to-Gulf Coast integration and could strengthen margins by capturing more value across the midstream chain. Yahoo Finance: Phillips 66 announces Zeus Gas Plant and a third Coastal Bend Fractionator
• Positive Sentiment: Brokerage and earnings commentary has also been constructive, with Scotiabank reportedly lifting earnings estimates and recent coverage highlighting Phillips 66’s Q1 earnings beat. American Banking News: Scotiabank Brokers Lift Earnings Estimates for Phillips 66
• Neutral Sentiment: Some articles focused on PSX’s recent 1-week momentum and valuation following its Q1 beat and board changes, which may be helping keep the stock on traders’ radar. Zacks: Phillips 66 Is Up 2.70% in One Week
• Neutral Sentiment: Broader energy-sector weakness earlier in the day may have offset some of the stock-specific optimism. Yahoo Finance: Sector Update Energy Stocks Lean Lower Pre-Bell Monday

Insider Activity

In other news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 114,029 shares of company stock worth $19,641,455. Insiders own 0.40% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.