Equitable Trust Co. Cuts Position in Phillips 66 $PSX

Key Points

• Equitable Trust Co. reduced its holdings in Phillips 66 (NYSE:PSX) by 15.1%, now owning 21,221 shares valued at approximately $2.53 million after selling 3,787 shares in the second quarter.
• Institutional ownership of Phillips 66 is significant, with 76.93% of the company's stock held by hedge funds and institutional investors, with many increasing their stakes recently.
• Phillips 66 announced a quarterly dividend of $1.20 per share, yielding 3.7% annually, with a payout ratio currently exceeding 115%.

Equitable Trust Co. lessened its holdings in Phillips 66 (NYSE:PSX - Free Report) by 15.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,221 shares of the oil and gas company's stock after selling 3,787 shares during the period. Equitable Trust Co.'s holdings in Phillips 66 were worth $2,532,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wolff Wiese Magana LLC increased its stake in shares of 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 purchasing an additional 82 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 in the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC purchased a new position in Phillips 66 in the 1st quarter valued at about $29,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Phillips 66 in the 1st quarter valued at about $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Activity

In other news, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction dated 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 acquisition, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigmund L. Cornelius purchased 500 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 9,850 shares of company stock worth $1,188,910 over the last quarter. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Trading Up 0.9%

PSX opened at $130.92 on Wednesday. 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's 50 day simple moving average is $129.85 and its two-hundred day simple moving average is $120.68. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The firm has a market capitalization of $52.91 billion, a price-to-earnings ratio of 31.47, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11.

Phillips 66 (NYSE:PSX - Get Free Report) last released 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. The business had revenue of $33.77 billion for 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 company posted $2.31 EPS. Analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders 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 (DPR) is currently 115.38%.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of research reports. Argus raised shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Phillips 66 in a research note on Wednesday, October 8th. Jefferies Financial Group raised their price target on shares of Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a research note on Friday, October 10th. Compass Point initiated coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued a "buy" rating on the stock. Finally, Morgan Stanley raised their price target on shares of Phillips 66 from $128.00 to $140.00 and gave the company an "equal weight" rating in a research note on Friday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $140.75.

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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