SteelPeak Wealth LLC Sells 73,252 Shares of Phillips 66 (NYSE:PSX)

SteelPeak Wealth LLC cut its holdings in Phillips 66 (NYSE:PSX) by 95.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,226 shares of the oil and gas company’s stock after selling 73,252 shares during the period. SteelPeak Wealth LLC’s holdings in Phillips 66 were worth $527,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Wellington Management Group LLP raised its position in Phillips 66 by 20.3% in the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after acquiring an additional 1,842,226 shares during the period. Morgan Stanley increased its stake in shares of Phillips 66 by 2.1% in the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after purchasing an additional 138,646 shares in the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 in the fourth quarter worth $559,435,000. Boston Partners increased its stake in shares of Phillips 66 by 962.0% in the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after purchasing an additional 3,494,878 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Phillips 66 by 9.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,702,734 shares of the oil and gas company’s stock worth $492,974,000 after purchasing an additional 315,889 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Transactions at Phillips 66

In other news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $145.80, for a total value of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Raymond James reduced their price objective on shares of Phillips 66 from $163.00 to $160.00 and set an “outperform” rating for the company in a research note on Thursday, May 30th. Scotiabank increased their price objective on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Piper Sandler cut their target price on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Finally, StockNews.com cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $157.79.

Phillips 66 Price Performance

Shares of NYSE:PSX traded up $1.77 on Friday, reaching $141.17. The company’s stock had a trading volume of 10,211,532 shares, compared to its average volume of 2,338,853. Phillips 66 has a 52-week low of $93.40 and a 52-week high of $174.08. The company has a market cap of $59.85 billion, a P/E ratio of 10.86, a PEG ratio of 2.12 and a beta of 1.37. The company has a 50-day simple moving average of $142.91 and a 200 day simple moving average of $144.83. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.15). The firm 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 19.19% and a net margin of 3.84%. During the same quarter last year, the business posted $4.21 EPS. As a group, equities research analysts anticipate that Phillips 66 will post 11.08 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.26%. The ex-dividend date was Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

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.