Quotient Wealth Partners LLC Decreases Stock Holdings in Phillips 66 $PSX

Key Points

• Quotient Wealth Partners LLC cut its Phillips 66 stake by 22.5% in the first quarter, selling 6,832 shares and leaving it with 23,545 shares valued at about $4.29 million.
• Phillips 66 reported better-than-expected quarterly earnings of $0.49 per share, though revenue of $32.54 billion came in below analyst estimates. The company also reaffirmed its position as a major energy manufacturer and logistics operator.
• Analyst sentiment remains constructive, with firms including UBS and Mizuho raising targets and ratings; the stock carries a Moderate Buy consensus target of $192.33. Phillips 66 also paid a quarterly dividend of $1.27 per share, implying a 3.1% yield.

Quotient Wealth Partners LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 22.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,545 shares of the oil and gas company's stock after selling 6,832 shares during the period. Quotient Wealth Partners LLC's holdings in Phillips 66 were worth $4,289,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. TD Asset Management Inc lifted its stake in shares of Phillips 66 by 15.5% in the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after purchasing an additional 23,364 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Phillips 66 by 5.1% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 818,025 shares of the oil and gas company's stock worth $111,268,000 after purchasing an additional 39,592 shares during the last quarter. Fiera Capital Corp purchased a new stake in Phillips 66 in the 3rd quarter valued at about $5,665,000. Massachusetts Financial Services Co. MA raised its holdings in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company's stock valued at $177,018,000 after buying an additional 199,646 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich acquired a new position in Phillips 66 in the third quarter valued at about $2,394,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Down 0.0%

Shares of NYSE:PSX opened at $166.13 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a market capitalization of $66.61 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 0.24 and a beta of 0.68. The firm's 50-day moving average is $171.94 and its two-hundred day moving average is $158.93. Phillips 66 has a 1 year low of $118.00 and a 1 year high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same quarter in the prior year, the company earned ($0.90) earnings per share. The business's quarterly revenue was up 6.9% on a year-over-year basis. Analysts predict that Phillips 66 will post 18.22 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued 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 yield of 3.1%. Phillips 66's dividend payout ratio is 50.05%.

Analyst Ratings Changes

Several brokerages have weighed in on PSX. UBS Group reaffirmed a "buy" rating and set a $212.00 target price on shares of Phillips 66 in a research note on Monday, June 15th. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. Piper Sandler increased their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 8th. Argus lifted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a report on Thursday, May 14th. Finally, Raymond James Financial boosted their target price on Phillips 66 from $215.00 to $218.00 and gave the company an "outperform" rating in a research report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $192.33.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 45,629 shares of company stock worth $8,071,540. 0.40% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.