Parsons Capital Management Inc. RI Sells 10,350 Shares of Phillips 66 $PSX

Key Points

• Parsons Capital Management Inc. reduced its stake in Phillips 66 by 28.2%, selling 10,350 shares, leaving it with 26,368 shares valued at approximately $3.15 million.
• Multiple institutional investors increased their holdings in Phillips 66, with 76.93% of the stock currently owned by institutional investors.
• Phillips 66 recently disclosed a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.6%, despite a payout ratio of 115.38%.

Parsons Capital Management Inc. RI reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 28.2% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,368 shares of the oil and gas company's stock after selling 10,350 shares during the period. Parsons Capital Management Inc. RI's holdings in Phillips 66 were worth $3,146,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. WealthTrust Axiom LLC raised its stake in shares of Phillips 66 by 1.1% during the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock worth $894,000 after acquiring an additional 81 shares in the last quarter. Wolff Wiese Magana LLC raised its stake in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 82 shares in the last quarter. Magnus Financial Group LLC raised its stake in shares of Phillips 66 by 2.8% during the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company's stock worth $368,000 after acquiring an additional 84 shares in the last quarter. Biltmore Wealth Management LLC raised its stake in shares of Phillips 66 by 2.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company's stock worth $431,000 after acquiring an additional 85 shares in the last quarter. Finally, XML Financial LLC raised its stake in shares of Phillips 66 by 0.5% during the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company's stock worth $2,093,000 after acquiring an additional 85 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on PSX. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. UBS Group boosted their price objective on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a report on Monday, September 22nd. Morgan Stanley boosted their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Finally, Cantor Fitzgerald started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $139.44.

Phillips 66 Stock Down 1.0%

NYSE:PSX opened at $134.68 on Thursday. The firm has a market capitalization of $54.43 billion, a P/E ratio of 32.37, a PEG ratio of 1.97 and a beta of 1.11. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The company's fifty day moving average price is $128.50 and its 200-day moving average price is $120.42. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79.

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, topping analysts' consensus estimates of $1.79 by $0.59. The firm 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 quarter in the prior year, the business earned $2.31 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Buying and Selling at Phillips 66

In other news, Director Sigmund L. Cornelius purchased 500 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president owned 34,587 shares in the company, valued at approximately $4,842,180. This represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 9,850 shares of company stock worth $1,188,910 and have sold 13,179 shares worth $1,779,165. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Company 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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