Envestnet Portfolio Solutions Inc. Trims Holdings in Phillips 66 $PSX

Key Points

• Envestnet Portfolio Solutions Inc. has reduced its holdings in Phillips 66 by 8.4%, now owning 39,501 shares valued at $4.7 million.
• Phillips 66 reported earnings of $2.38 per share for the last quarter, exceeding analysts' expectations of $1.79, with revenue totaling $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, set to be paid on December 1, reflecting an annualized dividend yield of 3.7%.

Envestnet Portfolio Solutions Inc. cut its stake in Phillips 66 (NYSE:PSX - Free Report) by 8.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,501 shares of the oil and gas company's stock after selling 3,626 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Phillips 66 were worth $4,712,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PSX. Brighton Jones LLC grew its position in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. GAMMA Investing LLC grew its position in Phillips 66 by 15.2% during the first quarter. GAMMA Investing LLC now owns 9,634 shares of the oil and gas company's stock worth $1,190,000 after buying an additional 1,268 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after buying an additional 26,825 shares in the last quarter. Ritholtz Wealth Management purchased a new position in Phillips 66 during the first quarter worth about $290,000. Finally, Mission Wealth Management LP grew its position in Phillips 66 by 13.2% during the first quarter. Mission Wealth Management LP now owns 6,355 shares of the oil and gas company's stock worth $785,000 after buying an additional 743 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 0.9%

PSX opened at $129.69 on Thursday. The business has a 50 day simple moving average of $130.05 and a two-hundred day simple moving average of $120.75. The firm has a market capitalization of $52.41 billion, a price-to-earnings ratio of 31.17, a PEG ratio of 1.84 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a one year low of $91.01 and a one year high of $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the prior year, the business earned $2.31 EPS. Analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

Several equities analysts recently commented on PSX shares. Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Compass Point began coverage on Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating for the company. Piper Sandler lifted their price target on Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research note on Monday, September 29th. Scotiabank reissued a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research note on Friday, July 11th. Finally, Jefferies Financial Group boosted their target price on Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a research note on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $140.75.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction on Wednesday, July 30th. The shares were purchased 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 ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Gregory Hayes purchased 8,350 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. 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 quarter. Insiders own 0.22% of the company's stock.

About Phillips 66

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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