Assetmark Inc. Cuts Position in Phillips 66 $PSX

Assetmark Inc. lowered its stake in shares of Phillips 66 (NYSE:PSX) by 22.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,385 shares of the oil and gas company’s stock after selling 688 shares during the quarter. Assetmark Inc.’s holdings in Phillips 66 were worth $285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. WealthTrust Axiom LLC raised its stake in shares of Phillips 66 by 1.1% during the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company’s stock worth $894,000 after acquiring an additional 81 shares in the last quarter. Wolff Wiese Magana LLC lifted its holdings in shares of Phillips 66 by 62.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares during the last quarter. Magnus Financial Group LLC boosted its position in shares of Phillips 66 by 2.8% in the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company’s stock worth $368,000 after purchasing an additional 84 shares in the last quarter. Biltmore Wealth Management LLC grew its stake in Phillips 66 by 2.4% during the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company’s stock worth $431,000 after buying an additional 85 shares during the last quarter. Finally, XML Financial LLC increased its position in Phillips 66 by 0.5% during the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company’s stock valued at $2,093,000 after buying an additional 85 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PSX has been the topic of several research analyst reports. Cowen reissued a “buy” rating on shares of Phillips 66 in a research report on Thursday, October 30th. Piper Sandler boosted their price objective on shares of Phillips 66 from $155.00 to $159.00 and gave the company a “neutral” rating in a report on Thursday, October 30th. Raymond James Financial reissued an “outperform” rating and issued a $150.00 target price (up from $145.00) on shares of Phillips 66 in a research report on Friday, October 17th. Wells Fargo & Company lifted their price target on Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Finally, Citigroup downgraded Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of “Hold” and a consensus target price of $143.56.

Phillips 66 Stock Performance

NYSE:PSX opened at $137.80 on Friday. The company has a market cap of $55.52 billion, a P/E ratio of 37.65, a P/E/G ratio of 1.81 and a beta of 1.08. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $142.35. The company’s 50-day moving average price is $133.20 and its 200-day moving average price is $124.64. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. The firm had revenue of $33.69 billion during the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. During the same quarter in the prior year, the firm posted $2.04 earnings per share. On average, sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 131.15%.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president owned 34,587 shares in the company, valued at approximately $4,842,180. The trade was a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company’s stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders own 0.22% of the company’s stock.

Phillips 66 Company 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.