Mattern Wealth Management LLC Sells 2,630 Shares of Phillips 66 $PSX

Key Points

• Mattern Wealth Management LLC sold 2,630 shares of Phillips 66, reducing its holdings by 14.3%, now owning 15,781 shares worth approximately $1.88 million.
• Director Michael A. Heim purchased 1,000 shares at an average price of $125.97, increasing his position by 9.06% to a total of 12,043 shares.
• Phillips 66 recently reported quarterly earnings, with a revenue of $33.77 billion and an earnings per share (EPS) of $2.38, exceeding analyst estimates.

Mattern Wealth Management LLC reduced its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 14.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 15,781 shares of the oil and gas company's stock after selling 2,630 shares during the quarter. Mattern Wealth Management LLC's holdings in Phillips 66 were worth $1,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Elliott Investment Management L.P. lifted its stake in Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Nuveen LLC purchased a new position in shares of Phillips 66 during the first quarter valued at approximately $156,482,000. Price T Rowe Associates Inc. MD lifted its position in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after purchasing an additional 682,459 shares during the period. Invesco Ltd. lifted its position in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after purchasing an additional 653,248 shares during the period. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in Phillips 66 in the second quarter worth approximately $72,897,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the sale, the executive vice president owned 34,587 shares of the company's stock, valued at $4,842,180. This represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 9,850 shares of company stock worth $1,188,910 and have sold 13,179 shares worth $1,779,165. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Trading Down 1.3%

Shares of NYSE:PSX opened at $137.62 on Tuesday. The stock has a 50 day moving average of $128.17 and a 200 day moving average of $120.21. The company has a market cap of $55.62 billion, a PE ratio of 33.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.15. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the firm earned $2.31 earnings per share. As a group, equities research analysts expect 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 was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.5%. Phillips 66's dividend payout ratio is currently 115.38%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSX. Piper Sandler increased their price target on Phillips 66 from $154.00 to $155.00 and gave the company a "neutral" rating in a report on Monday. UBS Group upped their price objective on Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Morgan Stanley raised their target price on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Mizuho boosted their price target on Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Finally, Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued a "neutral" rating on the stock. 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 stock. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.44.

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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