Beacon Financial Group Sells 1,912 Shares of Phillips 66 $PSX

Key Points

• Beacon Financial Group reduced its holdings in Phillips 66 by 6.1%, selling 1,912 shares during the 2nd quarter, resulting in a total ownership of 29,547 shares valued at $3,525,000.
• Phillips 66 received mixed analyst ratings, with Citigroup and Bank of America downgrading the stock while Argus upgraded it to a "strong-buy," with a consensus rating of "Moderate Buy" and an average price target of $136.67.
• The company announced a quarterly dividend of $1.20 per share, representing a 3.7% yield, with a recorded dividend payout ratio of 115.38%.

Beacon Financial Group reduced its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 6.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 29,547 shares of the oil and gas company's stock after selling 1,912 shares during the period. Beacon Financial Group's holdings in Phillips 66 were worth $3,525,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Forum Financial Management LP raised its stake 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 buying an additional 77 shares during the last quarter. WealthTrust Axiom LLC grew its holdings in Phillips 66 by 1.1% during the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock valued at $894,000 after purchasing an additional 81 shares during the period. CWC Advisors LLC. grew its holdings in Phillips 66 by 1.0% during 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 purchasing an additional 92 shares during the period. Legacy Private Trust Co. grew its holdings in Phillips 66 by 3.3% during the second quarter. Legacy Private Trust Co. now owns 3,007 shares of the oil and gas company's stock valued at $359,000 after purchasing an additional 95 shares during the period. Finally, Hager Investment Management Services LLC grew its holdings in Phillips 66 by 7.2% during 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 purchasing an additional 96 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on PSX shares. Citigroup cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Bank of America cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $144.00 to $147.00 in a report on Wednesday, September 3rd. Morgan Stanley boosted their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Piper Sandler upped their price target on shares of Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a report on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of "Moderate Buy" and an average price target of $136.67.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares of the company's stock, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the completion of the transaction, the executive vice president directly owned 43,373 shares in the company, valued at $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders purchased 9,850 shares of company stock valued at $1,188,910 and sold 18,586 shares valued at $2,389,145. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

NYSE PSX opened at $131.15 on Tuesday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The firm's fifty day moving average price is $127.04 and its two-hundred day moving average price is $119.50. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The firm has a market capitalization of $53.00 billion, a P/E ratio of 31.53, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period in the prior year, the firm posted $2.31 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

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.

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