Benjamin Edwards Inc. Sells 3,392 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Benjamin Edwards Inc. reduced its stake in Phillips 66 by 10.3%, selling 3,392 shares during the first quarter, resulting in ownership of 29,447 shares valued at $3.6 million.
• Phillips 66 reported a quarterly earnings per share of $2.38, surpassing estimates of $1.79, and had a revenue of $33.77 billion, exceeding anticipated figures.
• The company announced a quarterly dividend of $1.20 per share with a dividend yield of 4.0%, set to be paid on September 2nd.

Benjamin Edwards Inc. cut its position in Phillips 66 (NYSE:PSX - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,447 shares of the oil and gas company's stock after selling 3,392 shares during the period. Benjamin Edwards Inc.'s holdings in Phillips 66 were worth $3,636,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Pacific Center for Financial Services bought a new position in Phillips 66 during the fourth quarter worth about $27,000. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the first quarter worth about $27,000. Olde Wealth Management LLC bought a new position in shares of Phillips 66 during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at approximately $29,000. 76.93% of the stock is owned by institutional investors.

Insider Transactions at Phillips 66

In other news, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The stock was bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert W. Pease bought 439 shares of the stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the purchase, the director owned 4,091 shares of the company's stock, valued at $465,760.35. This trade represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,939 shares of company stock worth $237,725. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

Phillips 66 stock traded up $2.46 during midday trading on Wednesday, reaching $122.50. 2,359,149 shares of the company's stock were exchanged, compared to its average volume of 2,514,303. The stock's 50-day simple moving average is $123.25 and its 200 day simple moving average is $118.87. The firm has a market cap of $49.50 billion, a price-to-earnings ratio of 29.45, a P/E/G ratio of 1.65 and a beta of 1.09. 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 has a 52 week low of $91.01 and a 52 week high of $140.85.

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 for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter in the prior year, the business earned $2.31 EPS. On average, analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PSX shares. TD Cowen lifted their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Piper Sandler reaffirmed a "neutral" rating and issued a $145.00 price objective (up from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Evercore ISI assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 target price for the company. Morgan Stanley boosted their price target on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Finally, Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and increased their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $136.20.

About Phillips 66

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.