Nations Financial Group Inc. IA ADV Reduces Stock Position in Phillips 66 $PSX

Key Points

• Nations Financial Group Inc. IA ADV has reduced its stake in Phillips 66 by 15.8%, resulting in ownership of 34,279 shares valued at $4.23 million.
• Several hedge funds have recently made new investments in Phillips 66, indicating a high institutional ownership rate of 76.93% in the stock.
• Phillips 66 announced a quarterly dividend of $1.20 per share, leading to an annualized yield of 3.9%.

Nations Financial Group Inc. IA ADV decreased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 15.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 34,279 shares of the oil and gas company's stock after selling 6,448 shares during the quarter. Nations Financial Group Inc. IA ADV's holdings in Phillips 66 were worth $4,233,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of PSX. Cary Street Partners Financial LLC purchased a new position in shares of Phillips 66 in the fourth quarter valued at $4,333,000. Wealth Enhancement Advisory Services LLC increased its position in shares of Phillips 66 by 20.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after buying an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new position in shares of Phillips 66 in the first quarter valued at $253,000. Advisory Resource Group increased its position in shares of Phillips 66 by 6.8% in the first quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock valued at $31,651,000 after buying an additional 16,300 shares in the last quarter. Finally, Sustainable Insight Capital Management LLC purchased a new position in shares of Phillips 66 in the first quarter valued at $1,457,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 0.3%

Shares of NYSE PSX traded up $0.4110 during midday trading on Tuesday, hitting $122.0510. The stock had a trading volume of 1,486,968 shares, compared to its average volume of 3,351,519. The company has a market capitalization of $49.32 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 1.70 and a beta of 1.09. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The company has a fifty day moving average price of $123.98 and a 200 day moving average price of $118.91.

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 the consensus estimate 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 return on equity of 4.87% and a net margin of 1.27%.During the same period in the previous year, the company posted $2.31 EPS. On average, analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Buying and Selling at Phillips 66

In related news, Director Sigmund L. Cornelius bought 500 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the sale, the executive vice president owned 43,373 shares in the company, valued at approximately $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders bought 10,289 shares of company stock worth $1,238,890. Insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Tudor Pickering cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Piper Sandler reaffirmed a "neutral" rating and set a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research note on Wednesday, June 18th. Compass Point started coverage on Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating on the stock. Finally, Scotiabank reaffirmed a "sector perform" rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $136.20.

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.