CCM Investment Advisers LLC Sells 42,397 Shares of Phillips 66 $PSX

Key Points

• CCM Investment Advisers cut its Phillips 66 stake by 44.8% in the first quarter, selling 42,397 shares and retaining 52,177 shares valued at approximately $9.5 million.
• Phillips 66 reported quarterly EPS of $0.49, surpassing estimates by $1.03, while revenue rose 6.9% year over year to $32.54 billion.
• The company declared a quarterly dividend of $1.27 per share, or $5.08 annualized, representing a yield of about 2.4%; analysts maintain a “Moderate Buy” consensus with an average price target of $201.72.

CCM Investment Advisers LLC lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 44.8% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 52,177 shares of the oil and gas company's stock after selling 42,397 shares during the period. CCM Investment Advisers LLC's holdings in Phillips 66 were worth $9,506,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Clifford Group LLC boosted its holdings in Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock worth $428,000 after acquiring an additional 64 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its stake in shares of Phillips 66 by 0.8% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 8,255 shares of the oil and gas company's stock worth $1,504,000 after acquiring an additional 65 shares in the last quarter. CYBER HORNET ETFs LLC grew its stake in shares of Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company's stock worth $158,000 after acquiring an additional 66 shares in the last quarter. L2 Asset Management LLC raised its holdings in shares of Phillips 66 by 4.0% in the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock valued at $257,000 after purchasing an additional 72 shares during the last quarter. Finally, GHP Investment Advisors Inc. raised its holdings in shares of Phillips 66 by 2.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock valued at $414,000 after purchasing an additional 72 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 45,107 shares of company stock valued at $8,057,584 in the last three months. Company insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 1.8%

NYSE PSX opened at $210.47 on Friday. The business's fifty day moving average is $184.84 and its 200-day moving average is $170.38. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a market capitalization of $84.39 billion, a price-to-earnings ratio of 20.74, a PEG ratio of 0.16 and a beta of 0.69. Phillips 66 has a one year low of $118.07 and a one year high of $216.08.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the prior year, the business earned ($0.90) earnings per share. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts predict that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is presently 50.05%.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Refining economics are supporting the stock. Record or elevated crack spreads, softer crude costs and potential supply disruptions linked to Iran are improving the outlook for U.S. refiners, including Phillips 66. Phillips 66 Gains on Refining Strength
• Positive Sentiment: Analyst expectations for second-quarter results have strengthened, reflecting anticipated refinery resilience and lower feedstock costs. The company’s prior quarter also exceeded EPS expectations, providing additional support for sentiment. Phillips 66 Q2 Earnings Preview
• Positive Sentiment: Phillips 66 shares outperformed the broader market as energy stocks advanced, reinforcing the stock’s recent momentum. Several analysts remain constructive, including UBS, which raised its price target to $235, while Guggenheim upgraded the shares to outperform. Phillips 66 Outpaces Stock Market Gains
• Positive Sentiment: The company’s quarterly dividend remains attractive at $1.27 per share, or $5.08 annualized, offering investors an approximately 2.5% yield and supporting total-return appeal.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSX. Raymond James Financial boosted their price target on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Scotiabank increased their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Morgan Stanley lifted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research report on Friday, June 12th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday, July 26th. Finally, Zacks Research lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and an average price target of $201.72.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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