Associated Banc Corp Sells 4,150 Shares of Phillips 66 $PSX

Associated Banc Corp lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 4.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 98,193 shares of the oil and gas company’s stock after selling 4,150 shares during the quarter. Associated Banc Corp’s holdings in Phillips 66 were worth $11,714,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PSX. Elliott Investment Management L.P. raised its stake in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after buying an additional 5,978,841 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after buying an additional 1,532,967 shares in the last quarter. Valeo Financial Advisors LLC raised its position in shares of Phillips 66 by 9,530.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after buying an additional 1,431,450 shares in the last quarter. Finally, Soundwatch Capital LLC bought a new stake in shares of Phillips 66 during the 2nd quarter worth $170,604,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 0.2%

PSX opened at $133.52 on Tuesday. The business has a 50 day simple moving average of $134.38 and a two-hundred day simple moving average of $127.40. The firm has a market capitalization of $53.80 billion, a price-to-earnings ratio of 36.48, a PEG ratio of 1.81 and a beta of 1.08. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a one year low of $91.01 and a one year high of $143.25.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The firm had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. During the same period last year, the company earned $2.04 EPS. Analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 annualized dividend and a yield of 3.6%. Phillips 66’s payout ratio is 131.15%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PSX shares. Barclays increased their target price on Phillips 66 from $132.00 to $141.00 and gave the company an “equal weight” rating in a research note on Monday, November 17th. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and increased their price objective for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Wells Fargo & Company boosted their target price on Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Finally, Wall Street Zen raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $145.71.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. The trade was a 11.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 26,200 shares of the business’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,825,455.84. This represents a 31.55% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 64,986 shares of company stock valued at $8,955,291. 0.22% 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.