Demars Financial Group LLC Has $528,000 Stock Holdings in Phillips 66 $PSX

Key Points

• Demars Financial Group LLC significantly reduced its stake in Phillips 66 by 99.2% in Q2, leaving them with 4,429 shares valued at $528,000.
• Phillips 66 announced a quarterly dividend of $1.20 per share, which will be paid on December 1st, representing an annualized yield of 3.7%.
• The company reported earnings per share of $2.38 for Q2, surpassing analysts' expectations, and generated revenue of $33.77 billion.

Demars Financial Group LLC cut its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 99.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,429 shares of the oil and gas company's stock after selling 537,278 shares during the quarter. Demars Financial Group LLC's holdings in Phillips 66 were worth $528,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Wolff Wiese Magana LLC raised its holdings in Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 82 shares during the period. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $28,000. Smallwood Wealth Investment Management LLC acquired a new stake in Phillips 66 in the first quarter valued at approximately $29,000. Finally, Pinpoint Asset Management Ltd acquired a new stake in Phillips 66 in the first quarter valued at approximately $29,000. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 0.7%

Shares of Phillips 66 stock opened at $129.21 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a 50-day moving average of $130.43 and a 200 day moving average of $120.88. The firm has a market cap of $52.22 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 1.79 and a beta of 1.11. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35.

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 for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to analyst estimates 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 last year, the business earned $2.31 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, November 17th. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes bought 8,350 shares of the stock in a transaction dated Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Heim purchased 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The stock was acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the transaction, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 over the last ninety days. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of analyst reports. Jefferies Financial Group lifted their target price on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a "hold" rating in a research note on Friday, October 10th. Bank of America cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the company from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Phillips 66 in a report on Wednesday, October 8th. Finally, Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $141.50.

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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