NewEdge Wealth LLC Has $1.82 Million Stock Position in Phillips 66 (NYSE:PSX)

NewEdge Wealth LLC trimmed its position in Phillips 66 (NYSE:PSX) by 10.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,644 shares of the oil and gas company’s stock after selling 1,562 shares during the period. NewEdge Wealth LLC’s holdings in Phillips 66 were worth $1,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cornerstone Planning Group LLC boosted its holdings in shares of 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 worth $32,000 after buying an additional 151 shares during the period. First Capital Advisors Group LLC. acquired a new position in shares of Phillips 66 in the second quarter worth about $25,000. Bruce G. Allen Investments LLC acquired a new stake in shares of Phillips 66 during the fourth quarter worth approximately $36,000. West Branch Capital LLC boosted its holdings in shares of Phillips 66 by 49.5% during the fourth quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 91 shares during the period. Finally, Bell Investment Advisors Inc boosted its holdings in shares of Phillips 66 by 82.1% during the third quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 138 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the transaction, the vice president now directly owns 6,583 shares in the company, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,056 shares of company stock valued at $5,272,681. 0.22% of the stock is owned by company insiders.

Phillips 66 Trading Down 1.8 %

NYSE:PSX opened at $162.49 on Monday. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The firm has a market cap of $69.52 billion, a price-to-earnings ratio of 10.50, a P/E/G ratio of 2.05 and a beta of 1.37. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The company’s 50 day moving average is $153.37 and its 200-day moving average is $134.25.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. The company had revenue of $38.74 billion for the quarter, compared to analyst estimates of $34.30 billion. Equities analysts anticipate that Phillips 66 will post 13.2 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be given a $1.15 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.83%. Phillips 66’s dividend payout ratio (DPR) is currently 27.15%.

Wall Street Analyst Weigh In

Several analysts recently commented on PSX shares. Citigroup started coverage on shares of Phillips 66 in a report on Wednesday, January 24th. They set a “buy” rating for the company. Raymond James raised their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a report on Thursday, February 1st. Scotiabank raised their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a report on Thursday. Mizuho decreased their price target on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a report on Friday. Finally, The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $156.86.

About Phillips 66

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.