Cambridge Trust Co. Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

Cambridge Trust Co. decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 54.1% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 2,370 shares of the oil and gas company’s stock after selling 2,797 shares during the period. Cambridge Trust Co.’s holdings in Phillips 66 were worth $316,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Cardinal Capital Management increased its position in Phillips 66 by 0.3% during the 4th quarter. Cardinal Capital Management now owns 23,312 shares of the oil and gas company’s stock valued at $3,104,000 after purchasing an additional 77 shares during the period. Aaron Wealth Advisors LLC increased its position in Phillips 66 by 3.6% during the 4th quarter. Aaron Wealth Advisors LLC now owns 2,340 shares of the oil and gas company’s stock valued at $312,000 after purchasing an additional 82 shares during the period. Cornerstone Wealth Management LLC increased its position in Phillips 66 by 1.3% during the 4th quarter. Cornerstone Wealth Management LLC now owns 6,495 shares of the oil and gas company’s stock valued at $865,000 after purchasing an additional 86 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in shares of Phillips 66 by 0.4% in the 4th quarter. Stratos Wealth Partners LTD. now owns 22,214 shares of the oil and gas company’s stock valued at $2,958,000 after buying an additional 90 shares in the last quarter. Finally, West Branch Capital LLC boosted its holdings in shares of Phillips 66 by 49.5% in the 4th quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a report on Monday, April 8th. JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Mizuho lowered their price target on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Citigroup assumed coverage on shares of Phillips 66 in a report on Wednesday, January 24th. They issued a “buy” rating on the stock. Finally, Piper Sandler raised their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $158.00.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $154.74 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The stock has a market cap of $66.20 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 1.90 and a beta of 1.37. The company has a 50 day simple moving average of $154.40 and a two-hundred day simple moving average of $135.31. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last posted its earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.72. The firm had revenue of $38.74 billion during the quarter, compared to analyst estimates of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. As a group, analysts predict that Phillips 66 will post 13.45 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 2.97%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. Phillips 66’s payout ratio is 27.15%.

Insider Activity

In other news, VP Joseph Scott Pruitt sold 5,922 shares of Phillips 66 stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $157.40, for a total transaction of $932,122.80. Following the completion of the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,036,164.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Robert W. Pease purchased 682 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was bought at an average price of $146.58 per share, with a total value of $99,967.56. Following the acquisition, the director now owns 1,900 shares in the company, valued at $278,502. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Joseph Scott Pruitt sold 5,922 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $157.40, for a total transaction of $932,122.80. Following the completion of the sale, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,036,164.20. The disclosure for this sale can be found here. Insiders sold a total of 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 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.