Phillips 66 $PSX Shares Sold by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management cut its Phillips 66 stake by 17.5% in the fourth quarter, selling 6,606 shares and leaving it with 31,248 shares worth about $4.0 million.
• Analyst sentiment remains constructive, with Phillips 66 holding a consensus rating of “Moderate Buy” and an average target price of $187.11; several firms recently raised price targets, including BMO Capital Markets and TD Cowen.
• Phillips 66 reported stronger-than-expected earnings for the latest quarter, posting EPS of $0.49 versus an expected loss, and it also announced a quarterly dividend of $1.27 per share, implying a 2.9% yield.

Northwestern Mutual Wealth Management Co. lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 17.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 31,248 shares of the oil and gas company's stock after selling 6,606 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in Phillips 66 were worth $4,032,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC increased its stake in shares of 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 buying an additional 7,214 shares during the period. Woodline Partners LP increased its stake in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after buying an additional 10,089 shares during the period. Sei Investments Co. increased its stake in shares of Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after buying an additional 34,698 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after buying an additional 28,988 shares during the period. Finally, Glenview Trust co increased its stake in shares of Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after buying an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. BMO Capital Markets upped their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 13th. Jefferies Financial Group lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Citigroup upped their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. TD Cowen upped their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a research note on Wednesday, April 1st. Finally, Mizuho upped their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a research note on Tuesday, March 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $187.11.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of the firm's stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company's stock, valued at $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 114,029 shares of company stock valued at $19,641,455. Company insiders own 0.40% of the company's stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $178.03 on Monday. The firm has a market capitalization of $71.38 billion, a P/E ratio of 17.54, a P/E/G ratio of 0.26 and a beta of 0.70. Phillips 66 has a 52 week low of $111.19 and a 52 week high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm's 50 day moving average is $172.12 and its two-hundred day moving average is $153.41.

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

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio is currently 50.05%.

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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