Phillips 66 (NYSE:PSX) Stake Lessened by Fernwood Investment Management LLC

Fernwood Investment Management LLC lessened its stake in Phillips 66 (NYSE:PSX) by 1.8% in the fourth quarter, Holdings Channel reports. The institutional investor owned 17,255 shares of the oil and gas company’s stock after selling 325 shares during the quarter. Fernwood Investment Management LLC’s holdings in Phillips 66 were worth $2,297,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSX. Adell Harriman & Carpenter Inc. boosted its holdings in Phillips 66 by 1.1% in the fourth quarter. Adell Harriman & Carpenter Inc. now owns 91,183 shares of the oil and gas company’s stock worth $12,140,000 after purchasing an additional 1,028 shares during the period. Intrust Bank NA boosted its holdings in Phillips 66 by 1.6% in the fourth quarter. Intrust Bank NA now owns 19,111 shares of the oil and gas company’s stock worth $2,545,000 after purchasing an additional 298 shares during the period. Eagle Ridge Investment Management acquired a new position in Phillips 66 in the fourth quarter worth $210,000. Choreo LLC boosted its holdings in Phillips 66 by 12.5% in the fourth quarter. Choreo LLC now owns 5,836 shares of the oil and gas company’s stock worth $777,000 after purchasing an additional 648 shares during the period. Finally, Little House Capital LLC boosted its holdings in Phillips 66 by 7.1% in the fourth quarter. Little House Capital LLC now owns 1,795 shares of the oil and gas company’s stock worth $239,000 after purchasing an additional 119 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Phillips 66 stock traded up $0.11 during midday trading on Monday, hitting $151.52. The company’s stock had a trading volume of 2,822,009 shares, compared to its average volume of 2,974,238. 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 stock’s 50-day moving average price is $155.55 and its 200-day moving average price is $137.23. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The company has a market capitalization of $64.82 billion, a PE ratio of 11.62, a price-to-earnings-growth ratio of 1.83 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The business had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a return on equity of 19.07% and a net margin of 3.84%. During the same quarter last year, the firm posted $4.21 earnings per share. Analysts anticipate that Phillips 66 will post 13.77 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.04%. The ex-dividend date is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s payout ratio is presently 32.31%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the sale, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Robert W. Pease acquired 682 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were purchased at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the acquisition, the director now owns 1,900 shares in the company, valued at $278,502. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the transaction, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,056 shares of company stock worth $5,272,681. Company insiders own 0.22% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSX. Bank of America boosted their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. The Goldman Sachs Group boosted their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Raymond James boosted their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Piper Sandler boosted their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a report on Friday, April 5th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Phillips 66 from $149.00 to $167.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $158.00.

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.