Connecticut Wealth Management LLC Lowers Stake in Phillips 66 (NYSE:PSX)

Connecticut Wealth Management LLC trimmed its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 34.5% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,561 shares of the oil and gas company's stock after selling 2,400 shares during the period. Connecticut Wealth Management LLC's holdings in Phillips 66 were worth $520,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its position in Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company's stock worth $1,064,601,000 after purchasing an additional 639,323 shares during the period. Geode Capital Management LLC grew its position in Phillips 66 by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after purchasing an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD grew its position in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after purchasing an additional 4,455,220 shares during the period. Northern Trust Corp grew its position in Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after purchasing an additional 440,107 shares during the period. Finally, Norges Bank bought a new stake in Phillips 66 in the 4th quarter worth approximately $497,648,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 0.3%

NYSE PSX traded down $0.39 on Wednesday, hitting $113.95. The stock had a trading volume of 711,806 shares, compared to its average volume of 2,993,712. The business's fifty day moving average price is $109.99 and its 200 day moving average price is $118.83. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The stock has a market cap of $46.43 billion, a price-to-earnings ratio of 23.08, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. During the same period in the prior year, the firm earned $1.90 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.21%. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is presently 109.34%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PSX. Barclays boosted their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $138.00 to $131.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 29th. TD Cowen increased their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, May 13th. Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $162.00 to $149.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Morgan Stanley dropped their price objective on shares of Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating for the company in a report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average target price of $137.86.

Insider Activity at Phillips 66

In other news, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction dated Thursday, May 22nd. The stock was bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the purchase, the director now owns 4,091 shares of the company's stock, valued at approximately $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.22% of the company's stock.

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.