Spirit of America Management Corp NY Decreases Stake in Phillips 66 $PSX

Key Points

• Spirit of America Management Corp NY has reduced its stake in Phillips 66 by 19.5% during Q2, holding 59,186 shares valued at approximately $7 million.
• Other institutional investors have made significant changes to their holdings, with Elliott Investment Management increasing its stake by 1,929% to own over 15 million shares.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.7%.

Spirit of America Management Corp NY lowered its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 19.5% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 59,186 shares of the oil and gas company's stock after selling 14,350 shares during the quarter. Phillips 66 comprises approximately 1.5% of Spirit of America Management Corp NY's holdings, making the stock its 13th largest holding. Spirit of America Management Corp NY's holdings in Phillips 66 were worth $7,061,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the period. Chronos Wealth Management LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter worth about $281,000. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Phillips 66 by 20.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after purchasing an additional 26,825 shares during the period. Alta Advisers Ltd purchased a new position in Phillips 66 in the 1st quarter worth approximately $253,000. Finally, Sustainable Insight Capital Management LLC purchased a new position in Phillips 66 in the 1st quarter worth approximately $1,457,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim acquired 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

PSX has been the subject of a number of analyst reports. Evercore ISI upped their price target on Phillips 66 from $130.00 to $170.00 and gave the stock an "outperform" rating in a report on Friday, September 19th. Zacks Research upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Friday, September 26th. Bank of America cut Phillips 66 from a "buy" rating to a "neutral" rating and upped their price target for the stock from $144.00 to $147.00 in a report on Wednesday, September 3rd. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and upped their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Finally, Wells Fargo & Company initiated coverage on Phillips 66 in a report on Friday. They issued an "overweight" rating and a $154.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $141.50.

Phillips 66 Stock Performance

Shares of PSX opened at $129.21 on Friday. The business's 50 day moving average is $130.43 and its two-hundred day moving average is $120.81. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $142.35. The firm has a market cap of $52.22 billion, a price-to-earnings ratio of 31.06, a PEG ratio of 1.78 and a beta of 1.11. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period in the prior year, the company posted $2.31 EPS. Analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66's dividend payout ratio is presently 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.

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