Martin Capital Partners LLC Cuts Stock Holdings in Phillips 66 $PSX

Key Points

• Martin Capital Partners cut its Phillips 66 stake by 29.7% in the second quarter, selling 10,012 shares and retaining 23,709 shares valued at approximately $4.0 million. Institutional investors collectively own 76.93% of PSX.
• Analysts remain broadly positive, with Phillips 66 receiving a “Moderate Buy” consensus rating and an average price target of $201.72. Recent firms raised targets as high as $240, while the stock opened at $206.02 near its 12-month high.
• Phillips 66 announced a quarterly dividend of $1.27, equivalent to a 2.5% annualized yield, and authorized a $10 billion share-repurchase plan covering up to 11.8% of outstanding shares.

Martin Capital Partners LLC lessened its stake in Phillips 66 (NYSE:PSX - Free Report) by 29.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,709 shares of the oil and gas company's stock after selling 10,012 shares during the quarter. Martin Capital Partners LLC's holdings in Phillips 66 were worth $4,008,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in PSX. Accordant Advisory Group Inc increased its holdings in shares of Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after buying an additional 180 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in Phillips 66 in the fourth quarter valued at $27,000. NFSG Corp boosted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Axiom Investment Management LLC purchased a new stake in Phillips 66 during the first quarter valued at about $27,000. Finally, SWAN Capital LLC grew its position in Phillips 66 by 1,055.6% during the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 190 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PSX. Morgan Stanley raised their price objective on Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. TD Cowen increased their target price on shares of Phillips 66 from $220.00 to $240.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. BMO Capital Markets raised their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. Finally, The Goldman Sachs Group lifted their price target on shares of Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $201.72.

Phillips 66 Trading Down 0.1%

NYSE:PSX opened at $206.02 on Wednesday. The business's 50-day moving average is $186.72 and its two-hundred day moving average is $171.83. The firm has a market capitalization of $82.60 billion, a PE ratio of 20.30, a price-to-earnings-growth ratio of 0.16 and a beta of 0.68. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $216.08. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Phillips 66 declared that its Board of Directors has authorized a stock repurchase plan on Friday, July 31st that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the business's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 45,107 shares of company stock worth $8,057,584. Company insiders own 0.40% of the company's stock.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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