Icon Wealth Advisors LLC Decreases Holdings in Phillips 66 (NYSE:PSX)

Icon Wealth Advisors LLC trimmed its stake in Phillips 66 (NYSE:PSX) by 9.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,306 shares of the oil and gas company’s stock after selling 1,724 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Phillips 66 were worth $2,275,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Crewe Advisors LLC purchased a new position in Phillips 66 in the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC bought a new stake in shares of Phillips 66 in the second quarter valued at $26,000. nVerses Capital LLC purchased a new position in shares of Phillips 66 during the 3rd quarter valued at $26,000. Values First Advisors Inc. bought a new position in shares of Phillips 66 during the 3rd quarter worth $30,000. Finally, Bank & Trust Co purchased a new stake in Phillips 66 in the 2nd quarter worth about $31,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a report on Thursday, October 17th. UBS Group cut their price objective on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a report on Monday, November 4th. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. JPMorgan Chase & Co. cut their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Finally, Raymond James lifted their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

Phillips 66 Stock Performance

Shares of PSX opened at $131.90 on Friday. Phillips 66 has a 12-month low of $114.94 and a 12-month high of $174.08. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The company has a market cap of $54.47 billion, a PE ratio of 16.93, a price-to-earnings-growth ratio of 4.29 and a beta of 1.33. The stock has a 50-day moving average price of $130.15 and a 200-day moving average price of $135.50.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The firm had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. During the same quarter in the previous year, the company posted $4.63 earnings per share. The company’s revenue was down 10.3% compared to the same quarter last year. As a group, equities analysts forecast that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.49%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is currently 59.05%.

Phillips 66 Company 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.