Corient Private Wealth LP Decreases Stake in Phillips 66 $PSX

Corient Private Wealth LP trimmed its position in Phillips 66 (NYSE:PSX - Free Report) by 11.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 628,169 shares of the oil and gas company's stock after selling 78,579 shares during the period. Corient Private Wealth LP owned 0.16% of Phillips 66 worth $106,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. HighTower Advisors LLC boosted its stake in shares of Phillips 66 by 0.3% during the 2nd quarter. HighTower Advisors LLC now owns 337,441 shares of the oil and gas company's stock worth $57,044,000 after acquiring an additional 932 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $2,062,000. California State Teachers Retirement System lifted its position in shares of Phillips 66 by 22,604.5% during the 2nd quarter. California State Teachers Retirement System now owns 106,125,026 shares of the oil and gas company's stock valued at $17,940,436,000 after buying an additional 105,657,607 shares in the last quarter. Ameritas Advisory Services LLC lifted its holdings in Phillips 66 by 96.7% during the second quarter. Ameritas Advisory Services LLC now owns 3,800 shares of the oil and gas company's stock valued at $642,000 after purchasing an additional 1,868 shares in the last quarter. Finally, Wedmont Private Capital lifted its holdings in Phillips 66 by 1.4% during the second quarter. Wedmont Private Capital now owns 12,894 shares of the oil and gas company's stock valued at $2,180,000 after purchasing an additional 175 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PSX shares. Piper Sandler lifted their price target on shares of Phillips 66 from $209.00 to $264.00 and gave the company a "neutral" rating in a research report on Thursday, September 3rd. Citigroup restated a "neutral" rating on shares of Phillips 66 in a report on Thursday, August 6th. Raymond James Financial boosted their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and increased their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Zacks Research upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $222.76.

Phillips 66 Stock Up 0.4%

PSX stock opened at $259.66 on Friday. Phillips 66 has a one year low of $126.74 and a one year high of $265.43. The stock has a market capitalization of $103.61 billion, a PE ratio of 14.80, a price-to-earnings-growth ratio of 0.19 and a beta of 0.71. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a fifty day moving average of $222.85 and a 200-day moving average of $189.43.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the business posted $2.38 EPS. As a group, analysts expect that Phillips 66 will post 24.47 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.0%. Phillips 66's dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 declared that its Board of Directors has authorized a stock buyback program on Friday, July 31st that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In related news, EVP Richard G. Harbison sold 52,100 shares of the firm's stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company's stock.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an energy company that operates across the midstream, chemicals, refining and marketing sectors. Headquartered in Houston, Texas, the company was established in 2012 when ConocoPhillips separated its downstream businesses into an independent company.

The company's midstream operations include transportation, processing, storage and other infrastructure for crude oil, natural gas and natural gas liquids. Phillips 66 also owns and operates refineries that process crude oil into transportation fuels, lubricants, specialty products and other refined petroleum products.

Phillips 66 markets gasoline, diesel and other fuels under the Phillips 66, Conoco and 76 brands, primarily in the United States.

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