Atria Wealth Solutions Inc. Lowers Stock Position in Phillips 66 $PSX

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in Phillips 66 by 43.0%, selling 11,966 shares and ending up with 15,868 shares valued at approximately $1,908,000.
• Phillips 66 announced a quarterly dividend of $1.20 per share, which will be paid on December 1st, representing a 3.7% yield.
• Analysts have given Phillips 66 a consensus rating of "Moderate Buy" with an average target price of $140.75, reflecting positive sentiment despite varied ratings from different firms.

Atria Wealth Solutions Inc. lowered its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 43.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,868 shares of the oil and gas company's stock after selling 11,966 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Phillips 66 were worth $1,908,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Wolff Wiese Magana LLC raised its position in shares of Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 82 shares during the last quarter. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 in the 1st quarter worth about $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth about $28,000. Smallwood Wealth Investment Management LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth about $29,000. Finally, Pinpoint Asset Management Ltd purchased a new position in shares of Phillips 66 in the 1st quarter worth about $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Piper Sandler lifted their price target on Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating for the company. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. TD Cowen lifted their price objective on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $140.75.

Phillips 66 Price Performance

NYSE PSX opened at $129.69 on Thursday. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The stock has a 50-day moving average of $130.05 and a 200 day moving average of $120.75. The company has a market capitalization of $52.41 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the previous year, the company posted $2.31 EPS. On average, sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, November 17th. Phillips 66's payout ratio is currently 115.38%.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction 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. The trade was a 11.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by company 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.

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