Dakota Wealth Management Sells 3,979 Shares of Phillips 66 $PSX

Key Points

• Dakota Wealth Management reduced its position in Phillips 66 by 8.3%, selling 3,979 shares during the 2nd quarter, leaving them with 43,927 shares valued at approximately $5.24 million.
• Equities analysts have set a consensus rating of Moderate Buy for Phillips 66, with a target price averaging $139.38.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, representing an annualized dividend yield of 3.4%.

Dakota Wealth Management reduced its position in Phillips 66 (NYSE:PSX - Free Report) by 8.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 43,927 shares of the oil and gas company's stock after selling 3,979 shares during the quarter. Dakota Wealth Management's holdings in Phillips 66 were worth $5,241,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. WealthTrust Axiom LLC increased its holdings in Phillips 66 by 1.1% in the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock valued at $894,000 after buying an additional 81 shares during the period. Magnus Financial Group LLC grew its holdings in shares of Phillips 66 by 2.8% during the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company's stock valued at $368,000 after purchasing an additional 84 shares during the last quarter. Biltmore Wealth Management LLC grew its holdings in shares of Phillips 66 by 2.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company's stock valued at $431,000 after purchasing an additional 85 shares during the last quarter. Legacy Private Trust Co. grew its holdings in shares of Phillips 66 by 3.3% during the 2nd quarter. Legacy Private Trust Co. now owns 3,007 shares of the oil and gas company's stock valued at $359,000 after purchasing an additional 95 shares during the last quarter. Finally, Hager Investment Management Services LLC grew its holdings in shares of Phillips 66 by 7.2% during the 1st quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock valued at $178,000 after purchasing an additional 96 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Evercore ISI lifted their price target on shares of Phillips 66 from $130.00 to $170.00 and gave the company an "outperform" rating in a report on Friday, September 19th. Raymond James Financial lifted their price target on shares of Phillips 66 from $142.00 to $145.00 and gave the company an "outperform" rating in a report on Tuesday, September 9th. Compass Point assumed coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "buy" rating on the stock. Wells Fargo & Company decreased their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $139.38.

Phillips 66 Stock Up 1.9%

Shares of NYSE PSX opened at $139.23 on Friday. The company's 50 day moving average price is $127.67 and its 200-day moving average price is $120.07. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60. The company has a market capitalization of $56.26 billion, a P/E ratio of 33.47, a price-to-earnings-growth ratio of 1.94 and a beta of 1.15. 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 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter last year, the firm posted $2.31 earnings per share. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.4%. Phillips 66's dividend payout ratio is currently 115.38%.

Insider Activity at Phillips 66

In related news, Director Sigmund L. Cornelius acquired 500 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were purchased 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 owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director owned 12,043 shares of the company's stock, 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. Insiders have bought a total of 9,850 shares of company stock worth $1,188,910 over the last three months. 0.22% of the stock is currently owned by company insiders.

Phillips 66 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.

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