Pacific Heights Asset Management LLC Trims Stock Position in Phillips 66 (NYSE:PSX)

Pacific Heights Asset Management LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 50.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 75,000 shares of the oil and gas company's stock after selling 75,000 shares during the period. Pacific Heights Asset Management LLC's holdings in Phillips 66 were worth $9,261,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. J.Safra Asset Management Corp acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $25,000. Opal Wealth Advisors LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $29,000. Pacific Center for Financial Services acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $27,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $29,000. Finally, Graney & King LLC acquired a new stake in shares of Phillips 66 during the 4th quarter worth approximately $28,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insiders Place Their Bets

In other news, Director Robert W. Pease bought 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the purchase, the director owned 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of the business's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald assumed coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating for the company. Raymond James Financial dropped their target price on shares of Phillips 66 from $150.00 to $140.00 and set an "outperform" rating for the company in a report on Wednesday, April 9th. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Mizuho lifted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Finally, Barclays lifted their target price on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday, May 12th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average target price of $133.93.

Phillips 66 Stock Up 0.3%

PSX stock traded up $0.34 during midday trading on Friday, hitting $126.80. The company's stock had a trading volume of 1,290,860 shares, compared to its average volume of 3,104,736. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The firm has a market capitalization of $51.66 billion, a P/E ratio of 28.88, a PEG ratio of 2.00 and a beta of 1.02. The firm has a 50-day simple moving average of $116.94 and a 200-day simple moving average of $117.05.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). The business had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the business earned $1.90 EPS. As a group, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $1.20 per share. The ex-dividend date was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.79%. This is an increase from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's payout ratio is presently 109.34%.

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.