Phillips 66 $PSX Shares Sold by IFP Advisors Inc

Key Points

• IFP Advisors Inc significantly reduced its holdings in Phillips 66 by 59.5% during Q2, selling over 11,000 shares.
• Phillips 66's stock received updated price targets from various analysts, including a raise from $140.00 to $142.00 by Mizuho and a raise to $170.00 by Evercore ISI.
• The company recently announced a $1.20 quarterly dividend per share, reflecting a yield of 3.8%.

IFP Advisors Inc lowered its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 59.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 7,749 shares of the oil and gas company's stock after selling 11,379 shares during the quarter. IFP Advisors Inc's holdings in Phillips 66 were worth $987,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of PSX. Brighton Jones LLC boosted its position in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after acquiring an additional 7,214 shares during the last quarter. GAMMA Investing LLC raised its stake in Phillips 66 by 15.2% during the first quarter. GAMMA Investing LLC now owns 9,634 shares of the oil and gas company's stock worth $1,190,000 after purchasing an additional 1,268 shares during the period. Simon Quick Advisors LLC raised its stake in Phillips 66 by 31.0% during the first quarter. Simon Quick Advisors LLC now owns 2,309 shares of the oil and gas company's stock worth $285,000 after purchasing an additional 547 shares during the period. Fifth Third Bancorp raised its stake in Phillips 66 by 1.3% during the first quarter. Fifth Third Bancorp now owns 25,567 shares of the oil and gas company's stock worth $3,157,000 after purchasing an additional 328 shares during the period. Finally, Azzad Asset Management Inc. ADV purchased a new position in Phillips 66 during the first quarter worth approximately $2,523,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PSX. Mizuho increased their price target on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. UBS Group increased their price target on shares of Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a research note on Monday, September 22nd. Jefferies Financial Group increased their price target on shares of Phillips 66 from $133.00 to $137.00 and gave the stock a "hold" rating in a research note on Friday. Finally, Evercore ISI raised their target price on shares of Phillips 66 from $130.00 to $170.00 and gave the company an "outperform" rating in a research note on Friday, September 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $140.75.

Phillips 66 Stock Performance

Shares of PSX stock opened at $127.01 on Monday. The company's fifty day simple moving average is $129.51 and its 200-day simple moving average is $120.56. Phillips 66 has a 52 week low of $91.01 and a 52 week 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. The company has a market cap of $51.33 billion, a PE ratio of 30.53, a P/E/G ratio of 1.86 and a beta of 1.11.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter last year, the firm posted $2.31 EPS. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.8%. Phillips 66's payout ratio is 115.38%.

Insider Activity

In other news, Director Gregory Hayes purchased 8,350 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their position. The transaction 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 Phillips 66 stock in a transaction on Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders bought 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.