Phillips 66 $PSX Shares Sold by Kingsview Wealth Management LLC

Key Points

• Kingsview Wealth Management cut its Phillips 66 stake by 32.9% in the fourth quarter, selling 21,067 shares and leaving it with 42,975 shares valued at about $5.55 million.
• Phillips 66 reported Q1 EPS of $0.49, beating expectations, though revenue of $32.54 billion came in below analyst estimates; revenue was still up 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, implying an annualized payout of $5.08 and a 2.9% yield.

Kingsview Wealth Management LLC reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 32.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,975 shares of the oil and gas company's stock after selling 21,067 shares during the period. Kingsview Wealth Management LLC's holdings in Phillips 66 were worth $5,546,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Texas Capital Bank Wealth Management Services Inc purchased a new position in Phillips 66 in the 4th quarter worth approximately $571,000. Geode Capital Management LLC grew its position in Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock valued at $1,338,596,000 after acquiring an additional 45,340 shares in the last quarter. Fidelis Capital Partners LLC grew its position in Phillips 66 by 6.2% in the fourth quarter. Fidelis Capital Partners LLC now owns 4,847 shares of the oil and gas company's stock valued at $625,000 after acquiring an additional 281 shares in the last quarter. Integrity Alliance LLC. acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $232,000. Finally, Arvest Bank Trust Division grew its position in Phillips 66 by 2.7% in the fourth quarter. Arvest Bank Trust Division now owns 8,024 shares of the oil and gas company's stock valued at $1,035,000 after acquiring an additional 208 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Shares of PSX opened at $175.79 on Friday. The firm has a market cap of $70.48 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 0.26 and a beta of 0.70. The stock has a 50 day moving average of $172.38 and a 200-day moving average of $154.66. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 52 week low of $111.19 and a 52 week high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.90) EPS. As a group, analysts forecast that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be given a $1.27 dividend. The ex-dividend date is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. Phillips 66's dividend payout ratio (DPR) is presently 50.05%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PSX. Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Barclays increased their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 8th. Scotiabank upped their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 22nd. BMO Capital Markets upped their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. Finally, Piper Sandler upped their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $191.28.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the firm's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares in the company, valued at approximately $1,517,193.37. The trade was a 30.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 114,029 shares of company stock worth $19,641,455 in the last quarter. Insiders own 0.40% of the company's stock.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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