Corient Private Wealth LLC Reduces Holdings in Phillips 66 $PSX

Key Points

• Corient Private Wealth LLC cut its Phillips 66 stake by 5.2% in the fourth quarter, selling 40,092 shares and leaving it with 724,532 shares valued at about $93.5 million.
• Phillips 66 reported Q1 earnings of $0.49 per share, beating expectations, though revenue of $32.54 billion came in below analyst estimates. Revenue still rose 6.9% from a year earlier.
• The company paid a quarterly dividend of $1.27 per share, equal to an annualized yield of about 3.1%, while analysts currently rate the stock a “Moderate Buy” with an average price target of $192.33.

Corient Private Wealth LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 5.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 724,532 shares of the oil and gas company's stock after selling 40,092 shares during the period. Corient Private Wealth LLC owned 0.18% of Phillips 66 worth $93,504,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Vanguard Group Inc. grew its holdings in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after buying an additional 205,480 shares during the last quarter. State Street Corp lifted its position in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock valued at $3,043,996,000 after acquiring an additional 175,616 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock valued at $1,338,596,000 after acquiring an additional 45,340 shares in the last quarter. Norges Bank acquired a new stake in shares of Phillips 66 during the fourth quarter valued at $640,206,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company's stock valued at $509,006,000 after acquiring an additional 89,621 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Down 0.0%

Shares of PSX stock opened at $166.13 on Friday. The firm's 50-day simple moving average is $171.94 and its 200-day simple moving average is $158.93. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a 1-year low of $118.00 and a 1-year high of $190.61. The firm has a market cap of $66.61 billion, a P/E ratio of 16.37, a PEG ratio of 0.24 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm earned ($0.90) earnings per share. Phillips 66's revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Phillips 66 will post 18.22 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. Phillips 66's payout ratio is currently 50.05%.

Insiders Place Their Bets

In other news, Director Kevin Omar Meyers acquired 175 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 45,629 shares of company stock valued at $8,071,540. Insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PSX. The Goldman Sachs Group boosted their target price on shares of Phillips 66 from $192.00 to $207.00 and gave the company a "neutral" rating in a research note on Tuesday, May 19th. Guggenheim raised shares of Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a "hold" rating in a report on Tuesday, May 26th. Raymond James Financial upped their price objective on shares of Phillips 66 from $215.00 to $218.00 and gave the company an "outperform" rating in a research note on Wednesday, June 10th. Finally, Piper Sandler lifted their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average price target of $192.33.

Phillips 66 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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