Phillips 66 $PSX Shares Sold by Resources Management Corp CT ADV

Key Points

• Resources Management Corp CT ADV sharply reduced its Phillips 66 stake by 78.5% in the fourth quarter, selling 26,630 shares and leaving it with 7,273 shares valued at about $939,000.
• Phillips 66 recently posted better-than-expected earnings, reporting $0.49 EPS versus analysts’ estimate of a loss, while revenue rose 6.9% year over year to $32.54 billion.
• The company also paid a quarterly dividend of $1.27 per share, equal to an annualized yield of 2.9%, while analysts currently rate the stock a Moderate Buy with a consensus target price of $192.33.

Resources Management Corp CT ADV cut its stake in Phillips 66 (NYSE:PSX - Free Report) by 78.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,273 shares of the oil and gas company's stock after selling 26,630 shares during the period. Resources Management Corp CT ADV's holdings in Phillips 66 were worth $939,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Seven Mile Advisory acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $278,000. MML Investors Services LLC boosted its position in shares of Phillips 66 by 6.7% in the fourth quarter. MML Investors Services LLC now owns 185,128 shares of the oil and gas company's stock worth $23,889,000 after acquiring an additional 11,644 shares during the last quarter. Mariner LLC boosted its position in shares of Phillips 66 by 9.1% in the fourth quarter. Mariner LLC now owns 1,179,388 shares of the oil and gas company's stock worth $152,195,000 after acquiring an additional 98,361 shares during the last quarter. Motiv8 Investments LLC acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $44,000. Finally, NFJ Investment Group LLC boosted its position in shares of Phillips 66 by 359.2% in the fourth quarter. NFJ Investment Group LLC now owns 62,574 shares of the oil and gas company's stock worth $8,075,000 after acquiring an additional 48,947 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Trading Down 3.6%

PSX opened at $172.90 on Tuesday. The firm has a market capitalization of $69.32 billion, a P/E ratio of 17.03, a P/E/G ratio of 0.26 and a beta of 0.68. The firm's 50 day moving average is $172.42 and its 200-day moving average is $158.19. Phillips 66 has a 52-week low of $118.00 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.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.90) earnings per share. Analysts expect that Phillips 66 will post 17.95 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Analyst Upgrades and Downgrades

PSX has been the topic of several research analyst reports. Wolfe Research raised their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Morgan Stanley raised their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a report on Friday. Scotiabank raised their price target on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Wells Fargo & Company raised their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a report on Tuesday, March 31st. Finally, Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Saturday. Two 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 stock. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $192.33.

Insider Buying and Selling

In other news, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This trade represents a 0.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 45,629 shares of company stock worth $8,071,540 in the last quarter. Insiders own 0.40% of the company's stock.

About Phillips 66

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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