ICA Group Wealth Management LLC Reduces Stock Position in Phillips 66 (NYSE:PSX)

ICA Group Wealth Management LLC trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 31.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,195 shares of the oil and gas company’s stock after selling 560 shares during the period. ICA Group Wealth Management LLC’s holdings in Phillips 66 were worth $169,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC bought a new position in Phillips 66 in the second quarter valued at about $17,670,000. M&G Plc bought a new position in Phillips 66 in the second quarter worth approximately $3,596,000. Duality Advisers LP bought a new stake in shares of Phillips 66 during the 1st quarter valued at $3,596,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Phillips 66 by 42.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after purchasing an additional 39,775 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its holdings in Phillips 66 by 14.3% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after purchasing an additional 36,116 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on PSX shares. Barclays boosted their price target on Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Raymond James upped their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Mizuho reduced their price objective on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a research note on Thursday, June 20th. TD Cowen lowered their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Argus reiterated a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research report on Thursday, May 30th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $156.92.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

Phillips 66 stock opened at $126.70 on Friday. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The company has a market cap of $53.03 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 4.50 and a beta of 1.33. The firm’s fifty day moving average is $135.79 and its 200 day moving average is $144.16. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter last year, the firm earned $3.87 EPS. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. Sell-side analysts forecast that Phillips 66 will post 9.25 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were issued a dividend of $1.15 per share. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.63%. Phillips 66’s payout ratio is presently 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.