Van ECK Associates Corp Sells 17,893 Shares of Phillips 66 $PSX

Key Points

• VanEck trimmed its stake in Phillips 66 by 6.0% in Q3, selling 17,893 shares and now holds 278,278 shares (about 0.07% of the company) valued at roughly $37.85 million.
• Company insiders have sold a total of 38,088 shares worth about $6.15 million in the past 90 days, including EVP Vanessa Allen Sutherland and CFO Kevin J. Mitchell, leaving insiders with roughly 0.22% ownership.
• Phillips 66 raised its quarterly dividend to $1.27 (annualized $5.08, ~3.0% yield) after reporting $2.47 EPS for the quarter (beating estimates), while the stock trades near its 1‑year high and carries a consensus analyst target of $160.11.

Van ECK Associates Corp trimmed its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 6.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 278,278 shares of the oil and gas company's stock after selling 17,893 shares during the period. Van ECK Associates Corp owned about 0.07% of Phillips 66 worth $37,851,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP boosted 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 valued at $4,308,000 after purchasing an additional 10,089 shares during the period. AE Wealth Management LLC grew its holdings in shares of Phillips 66 by 25.0% in the second quarter. AE Wealth Management LLC now owns 10,633 shares of the oil and gas company's stock worth $1,268,000 after purchasing an additional 2,130 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Phillips 66 by 20.5% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,497 shares of the oil and gas company's stock worth $656,000 after buying an additional 937 shares during the period. Finally, ProShare Advisors LLC raised its holdings in Phillips 66 by 7.2% during the 2nd quarter. ProShare Advisors LLC now owns 89,066 shares of the oil and gas company's stock valued at $10,626,000 after buying an additional 5,988 shares during the last quarter. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the completion of the transaction, the executive vice president owned 25,799 shares in the company, valued at approximately $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kevin J. Mitchell sold 16,856 shares of the business's stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,380,590.72. This trade represents a 14.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 38,088 shares of company stock valued at $6,147,655 over the last ninety days. Company insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent analyst reports. Weiss Ratings raised shares of Phillips 66 from a "hold (c)" rating to a "buy (b-)" rating in a report on Monday, February 23rd. Piper Sandler increased their target price on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a "neutral" rating in a report on Thursday, February 5th. Citigroup raised their target price on Phillips 66 from $146.00 to $159.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. BMO Capital Markets reaffirmed an "outperform" rating and set a $170.00 price target on shares of Phillips 66 in a research report on Friday, February 6th. Finally, Wall Street Zen upgraded Phillips 66 from a "hold" rating to a "buy" rating in a report on Saturday, February 28th. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of "Hold" and a consensus price target of $160.11.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $169.41 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $169.62. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company's 50-day moving average is $149.69 and its 200 day moving average is $139.51. The stock has a market capitalization of $67.89 billion, a P/E ratio of 15.66, a P/E/G ratio of 0.56 and a beta of 0.86.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The business had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. During the same period last year, the business posted ($0.15) earnings per share. On average, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were given a dividend of $1.27 per share. This is a boost from Phillips 66's previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.0%. The ex-dividend date was Monday, February 23rd. Phillips 66's dividend payout ratio is presently 46.95%.

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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