Allspring Global Investments Holdings LLC Sells 85,406 Shares of Phillips 66 (NYSE:PSX)

Allspring Global Investments Holdings LLC cut its stake in Phillips 66 (NYSE:PSX) by 35.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,700 shares of the oil and gas company’s stock after selling 85,406 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Phillips 66 were worth $20,330,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. First Capital Advisors Group LLC. bought a new stake in Phillips 66 in the second quarter valued at approximately $25,000. Cornerstone Planning Group LLC lifted its stake in Phillips 66 by 134.8% in the third quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 151 shares during the period. Worth Asset Management LLC acquired a new position in Phillips 66 in the first quarter valued at approximately $32,000. Bruce G. Allen Investments LLC acquired a new position in Phillips 66 in the fourth quarter valued at approximately $36,000. Finally, Bell Investment Advisors Inc lifted its stake in Phillips 66 by 82.1% in the third quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 138 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Down 1.8 %

NYSE PSX opened at $162.49 on Friday. The firm has a market capitalization of $69.52 billion, a P/E ratio of 10.50, a PEG ratio of 2.05 and a beta of 1.37. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $153.37 and a 200 day simple moving average of $134.16. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. The firm had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. On average, analysts predict that Phillips 66 will post 13.2 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is 27.15%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on PSX shares. StockNews.com raised Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Piper Sandler upped their target price on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research report on Friday, April 5th. Wells Fargo & Company upped their target price on Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Barclays upped their target price on Phillips 66 from $132.00 to $139.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Finally, Raymond James upped their target price on Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research report on Thursday, February 1st. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $156.86.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Robert W. Pease acquired 682 shares of Phillips 66 stock in a transaction on Thursday, February 15th. The stock was purchased at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the purchase, the director now directly owns 1,900 shares of the company’s stock, valued at $278,502. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director Robert W. Pease purchased 682 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was bought at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the purchase, the director now owns 1,900 shares of the company’s stock, valued at $278,502. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 in the last quarter. 4.57% of the stock is currently owned by company insiders.

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.