Phillips 66 $PSX Stock Position Trimmed by Adams Natural Resources Fund Inc.

Key Points

• Adams Natural Resources Fund Inc. reduced its stake in Phillips 66 by 60.4% in the 2nd quarter, now holding 148,175 shares valued at approximately $17.7 million.
• Director Gregory Hayes purchased 8,350 shares at an average price of $119.90, increasing his ownership of the stock by 39.62%.
• Several research firms have raised their price targets for Phillips 66, with Piper Sandler setting it at $155.00 and UBS Group at $150.00, while the average target is $141.50.

Adams Natural Resources Fund Inc. lessened its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 60.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 148,175 shares of the oil and gas company's stock after selling 225,558 shares during the period. Phillips 66 makes up approximately 2.8% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 9th largest holding. Adams Natural Resources Fund Inc.'s holdings in Phillips 66 were worth $17,677,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Pacific Heights Asset Management LLC increased its stake in Phillips 66 by 20.0% in the second quarter. Pacific Heights Asset Management LLC now owns 90,000 shares of the oil and gas company's stock worth $10,737,000 after purchasing an additional 15,000 shares during the period. Brookstone Capital Management increased its stake in Phillips 66 by 3.1% in the second quarter. Brookstone Capital Management now owns 20,130 shares of the oil and gas company's stock worth $2,402,000 after purchasing an additional 614 shares during the period. D.A. Davidson & CO. increased its stake in Phillips 66 by 1.0% in the second quarter. D.A. Davidson & CO. now owns 96,974 shares of the oil and gas company's stock worth $11,569,000 after purchasing an additional 917 shares during the period. Cullen Frost Bankers Inc. increased its stake in Phillips 66 by 40.0% in the second quarter. Cullen Frost Bankers Inc. now owns 26,012 shares of the oil and gas company's stock worth $3,103,000 after purchasing an additional 7,434 shares during the period. Finally, Whittier Trust Co. increased its stake in Phillips 66 by 39.1% in the second quarter. Whittier Trust Co. now owns 4,323 shares of the oil and gas company's stock worth $516,000 after purchasing an additional 1,216 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insiders Place Their Bets

In other Phillips 66 news, Director Gregory Hayes purchased 8,350 shares of the stock in a transaction on Thursday, August 14th. The stock was acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction on Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 9,850 shares of company stock worth $1,188,910 in the last three months. Insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PSX. Piper Sandler increased their price target on Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. Jefferies Financial Group increased their price target on Phillips 66 from $133.00 to $137.00 and gave the stock a "hold" rating in a research report on Friday, October 10th. Morgan Stanley increased their price target on Phillips 66 from $128.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Friday, October 3rd. UBS Group increased their price target on Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Finally, Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Three research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $141.50.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $128.58 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company has a market cap of $51.96 billion, a PE ratio of 30.91, a P/E/G ratio of 1.81 and a beta of 1.11. The business has a 50-day simple moving average of $130.84 and a two-hundred day simple moving average of $121.16. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly 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. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter last year, the company earned $2.31 earnings per share. As a group, equities analysts expect that Phillips 66 will post 6.8 EPS 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. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.