CIBC Private Wealth Group LLC Reduces Holdings in Phillips 66 $PSX

CIBC Private Wealth Group LLC reduced its position in Phillips 66 (NYSE:PSX) by 32.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 121,078 shares of the oil and gas company’s stock after selling 58,552 shares during the period. CIBC Private Wealth Group LLC’s holdings in Phillips 66 were worth $16,469,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. CIBC Bancorp USA Inc. purchased a new position in Phillips 66 in the third quarter valued at about $7,600,000. Old North State Trust LLC increased its holdings in Phillips 66 by 7.4% during the 3rd quarter. Old North State Trust LLC now owns 5,112 shares of the oil and gas company’s stock worth $695,000 after purchasing an additional 352 shares during the last quarter. Caerus Investment Advisors LLC purchased a new stake in Phillips 66 during the 3rd quarter worth approximately $753,000. Sunbelt Securities Inc. raised its position in shares of Phillips 66 by 37.8% in the 3rd quarter. Sunbelt Securities Inc. now owns 6,217 shares of the oil and gas company’s stock valued at $846,000 after purchasing an additional 1,707 shares in the last quarter. Finally, Captrust Financial Advisors boosted its stake in shares of Phillips 66 by 8.7% during the 3rd quarter. Captrust Financial Advisors now owns 135,922 shares of the oil and gas company’s stock valued at $18,488,000 after buying an additional 10,891 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

Phillips 66 stock opened at $178.21 on Friday. The company has a market cap of $71.42 billion, a PE ratio of 16.47, a P/E/G ratio of 0.60 and a beta of 0.86. The company has a fifty day moving average price of $154.21 and a two-hundred day moving average price of $141.22. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $179.02.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same period in the prior year, the company earned ($0.15) earnings per share. Research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.9%. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is currently 46.95%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a research report on Tuesday, January 13th. Morgan Stanley increased their price objective on shares of Phillips 66 from $140.00 to $147.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Wolfe Research raised their price objective on shares of Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Piper Sandler boosted their target price on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Finally, The Goldman Sachs Group upped their target price on shares of Phillips 66 from $168.00 to $186.00 and gave the company a “neutral” rating in a research note on Thursday, March 12th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $162.33.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares in the company, valued at approximately $3,869,850. This represents a 14.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the sale, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 84,688 shares of company stock valued at $14,066,145 over the last ninety days. Insiders own 0.22% of the company’s stock.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.