Crossingbridge Advisors LLC Reduces Position in Phillips 66 $PSX

Crossingbridge Advisors LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 90.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,000 shares of the oil and gas company’s stock after selling 9,000 shares during the quarter. Crossingbridge Advisors LLC’s holdings in Phillips 66 were worth $119,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PSX. Vanguard Group Inc. raised its holdings in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares in the last quarter. Elliott Investment Management L.P. grew its stake in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Geode Capital Management LLC increased its holdings in Phillips 66 by 17.4% in the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after buying an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after buying an additional 537,245 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after buying an additional 682,459 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Up 0.7%

Shares of Phillips 66 stock opened at $135.06 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $143.25. The business’s fifty day moving average price is $134.51 and its two-hundred day moving average price is $127.67. The company has a market capitalization of $54.42 billion, a P/E ratio of 36.90, a PEG ratio of 1.81 and a beta of 1.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.38. The company had revenue of $33.69 billion during the quarter, compared to analysts’ expectations of $32.29 billion. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.During the same quarter in the prior year, the business posted $2.04 earnings per share. As a group, research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Monday, November 17th. Phillips 66’s payout ratio is 131.15%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of Phillips 66 stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total value of $3,607,216.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,825,455.84. This trade represents a 31.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 64,986 shares of company stock worth $8,955,291. 0.22% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on PSX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a research report on Wednesday, October 8th. Evercore ISI boosted their target price on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Mizuho increased their target price on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Monday, September 15th. Wells Fargo & Company raised their price target on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, BMO Capital Markets increased their price objective on shares of Phillips 66 from $152.00 to $160.00 in a research note on Tuesday, November 11th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $145.71.

Phillips 66 Company 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.