Phillips 66 $PSX Shares Sold by Kingswood Wealth Advisors LLC

Key Points

• Kingswood Wealth Advisors LLC reduced its holdings in Phillips 66 by 61.5%, selling 2,800 shares and now owning 1,756 shares worth approximately $210,000.
• Elliott Investment Management L.P. significantly increased its position in Phillips 66 by 1,929.0%, acquiring nearly 15.7 million shares, valued at about $1.94 billion.
• Phillips 66 declared a quarterly dividend of $1.20 per share, with a dividend yield of 3.8%, set to be paid on December 1st.

Kingswood Wealth Advisors LLC lowered its position in Phillips 66 (NYSE:PSX - Free Report) by 61.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,756 shares of the oil and gas company's stock after selling 2,800 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Phillips 66 were worth $210,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. Elliott Investment Management L.P. boosted its holdings in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Phillips 66 by 9,530.9% in the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company's stock valued at $172,564,000 after acquiring an additional 1,431,450 shares in the last quarter. Nuveen LLC bought a new position in shares of Phillips 66 in the first quarter valued at approximately $156,482,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the acquisition, the director owned 12,043 shares of the company's stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 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 transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. This represents a 11.27% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 9,850 shares of company stock worth $1,188,910 over the last quarter. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Down 3.1%

PSX stock opened at $127.01 on Friday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $142.35. 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 company has a market cap of $51.33 billion, a price-to-earnings ratio of 30.53, a PEG ratio of 1.86 and a beta of 1.11. The company has a 50 day moving average of $129.51 and a two-hundred day moving average of $120.59.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate 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 firm earned $2.31 EPS. On average, equities analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.8%. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of research reports. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Friday, September 26th. Evercore ISI raised their price objective on shares of Phillips 66 from $130.00 to $170.00 and gave the stock an "outperform" rating in a research note on Friday, September 19th. Morgan Stanley raised their price objective on shares of Phillips 66 from $128.00 to $140.00 and gave the stock an "equal weight" rating in a research note on Friday, October 3rd. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, TD Cowen raised their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $140.75.

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.

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