Kestra Advisory Services LLC Cuts Position in Phillips 66 $PSX

Key Points

• Kestra Advisory Services LLC reduced its position in Phillips 66 shares by 4.2%, selling 3,363 shares, bringing its total holdings to 76,624 shares worth approximately $9.46 million.
• Investment firms like Price T Rowe Associates and Invesco Ltd. increased their stakes in Phillips 66 significantly, with Price T Rowe raising its holdings by 11.3% to over 6.7 million shares, valued at about $828.4 million.
• Phillips 66's most recent earnings report showed an EPS of $2.38, beating expectations, and the company announced a quarterly dividend of $1.20 per share, with a payout ratio of 115.38%.

Kestra Advisory Services LLC reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 4.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 76,624 shares of the oil and gas company's stock after selling 3,363 shares during the period. Kestra Advisory Services LLC's holdings in Phillips 66 were worth $9,462,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. von Borstel & Associates Inc. acquired a new position in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new stake in Phillips 66 during the first quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new stake in Phillips 66 during the first quarter worth approximately $29,000. Pacific Center for Financial Services purchased a new stake in Phillips 66 during the fourth quarter worth approximately $27,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in Phillips 66 during the first quarter worth approximately $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on PSX shares. Argus upgraded Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Piper Sandler restated a "neutral" rating and set a $145.00 price target (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Evercore ISI began coverage on Phillips 66 in a report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price objective on the stock. Wells Fargo & Company dropped their price objective on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Finally, Barclays upped their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $136.20.

Phillips 66 Price Performance

Shares of PSX traded up $2.88 during trading hours on Wednesday, reaching $132.77. 2,031,744 shares of the company traded hands, compared to its average volume of 2,166,192. 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 stock has a market capitalization of $53.65 billion, a PE ratio of 31.92, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. The stock has a fifty day simple moving average of $124.69 and a 200 day simple moving average of $119.24.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.6%. Phillips 66's dividend payout ratio is 115.38%.

Insider Activity

In related news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated 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 directly owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president owned 43,373 shares in the company, valued at approximately $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock valued at $1,188,910 in the last three months. Company insiders own 0.22% of the company's stock.

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.