Phillips 66 $PSX Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Phillips 66 by 3.0%, holding 92,111 shares valued at $11.37 million after selling 2,806 shares in the first quarter.
• Wall Street analysts have varied ratings for Phillips 66, with an average target price of $136.20, reflecting a "Moderate Buy" consensus.
• The company announced a quarterly dividend of $1.20, resulting in an annualized yield of 3.7% with a payout ratio of 115.38%.

Corebridge Financial Inc. lowered its position in Phillips 66 (NYSE:PSX - Free Report) by 3.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 92,111 shares of the oil and gas company's stock after selling 2,806 shares during the period. Corebridge Financial Inc.'s holdings in Phillips 66 were worth $11,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Evergreen Wealth Solutions LLC bought a new stake in shares of Phillips 66 during the first quarter valued at approximately $292,000. ICONIQ Capital LLC purchased a new position in Phillips 66 in the first quarter worth $250,000. Jump Financial LLC grew its holdings in Phillips 66 by 307.1% in the first quarter. Jump Financial LLC now owns 11,276 shares of the oil and gas company's stock worth $1,392,000 after purchasing an additional 8,506 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Phillips 66 by 0.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 35,467 shares of the oil and gas company's stock worth $4,379,000 after purchasing an additional 219 shares during the last quarter. Finally, AlphaQuest LLC grew its holdings in Phillips 66 by 42.2% in the first quarter. AlphaQuest LLC now owns 5,984 shares of the oil and gas company's stock worth $739,000 after purchasing an additional 1,776 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 0.6%

NYSE:PSX traded up $0.86 during trading hours on Friday, reaching $133.69. 1,530,714 shares of the stock were exchanged, compared to its average volume of 2,010,903. The company has a market capitalization of $54.03 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 1.80 and a beta of 1.09. The business has a 50-day moving average of $125.03 and a two-hundred day moving average of $119.33. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.85. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the previous year, the company earned $2.31 EPS. On average, equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's payout ratio is 115.38%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PSX. Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Cantor Fitzgerald assumed coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Finally, Evercore ISI began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $136.20.

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.