Spire Wealth Management Sells 7,472 Shares of Phillips 66 (NYSE:PSX)

Spire Wealth Management trimmed its position in Phillips 66 (NYSE:PSX) by 65.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,918 shares of the oil and gas company’s stock after selling 7,472 shares during the quarter. Spire Wealth Management’s holdings in Phillips 66 were worth $553,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in shares of Phillips 66 during the 1st quarter worth approximately $25,000. Keener Financial Planning LLC bought a new position in Phillips 66 during the first quarter valued at $26,000. Redmont Wealth Advisors LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth about $28,000. Ruedi Wealth Management Inc. lifted its holdings in shares of Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 96 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in Phillips 66 during the fourth quarter worth approximately $27,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

PSX stock opened at $140.31 on Monday. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08. The business has a 50-day moving average price of $137.85 and a 200 day moving average price of $145.24. The company has a market capitalization of $59.48 billion, a P/E ratio of 10.79, a PEG ratio of 2.53 and a beta of 1.34. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. The firm had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.87 EPS. As a group, equities research analysts forecast that Phillips 66 will post 9.25 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th will be issued a $1.15 dividend. The ex-dividend date of this dividend is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.28%. Phillips 66’s dividend payout ratio is presently 35.38%.

Analysts Set New Price Targets

A number of brokerages have recently commented on PSX. Mizuho dropped their target price on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Barclays lifted their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. TD Cowen increased their target price on shares of Phillips 66 from $155.00 to $162.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Scotiabank dropped their price target on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Wolfe Research started coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $157.38.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

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.