Wealthsource Partners LLC Decreases Holdings in Phillips 66 (NYSE:PSX)

Wealthsource Partners LLC cut its holdings in shares of Phillips 66 (NYSE:PSX – Get Rating) by 31.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,215 shares of the oil and gas company’s stock after selling 2,823 shares during the quarter. Wealthsource Partners LLC’s holdings in Phillips 66 were worth $502,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Fortem Financial Group LLC increased its position in shares of Phillips 66 by 0.9% during the 3rd quarter. Fortem Financial Group LLC now owns 10,409 shares of the oil and gas company’s stock valued at $840,000 after purchasing an additional 94 shares during the last quarter. Checchi Capital Advisers LLC increased its holdings in Phillips 66 by 1.3% in the 3rd quarter. Checchi Capital Advisers LLC now owns 7,385 shares of the oil and gas company’s stock worth $596,000 after acquiring an additional 97 shares during the last quarter. Resources Management Corp CT ADV increased its holdings in Phillips 66 by 1.0% in the 3rd quarter. Resources Management Corp CT ADV now owns 10,405 shares of the oil and gas company’s stock worth $840,000 after acquiring an additional 100 shares during the last quarter. Carolinas Wealth Consulting LLC increased its holdings in Phillips 66 by 9.7% in the 3rd quarter. Carolinas Wealth Consulting LLC now owns 1,142 shares of the oil and gas company’s stock worth $92,000 after acquiring an additional 101 shares during the last quarter. Finally, Securian Asset Management Inc. increased its holdings in Phillips 66 by 0.3% in the 3rd quarter. Securian Asset Management Inc. now owns 39,080 shares of the oil and gas company’s stock worth $3,155,000 after acquiring an additional 103 shares during the last quarter. 70.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PSX shares. Raymond James lifted their price objective on Phillips 66 from $130.00 to $135.00 and gave the stock an “outperform” rating in a report on Friday, January 13th. The Goldman Sachs Group lifted their price objective on Phillips 66 to $123.00 in a report on Wednesday, November 16th. Cowen lifted their price objective on Phillips 66 to $115.00 in a report on Tuesday, November 15th. UBS Group started coverage on Phillips 66 in a research note on Wednesday, March 8th. They issued a “buy” rating and a $139.00 target price for the company. Finally, Piper Sandler cut their target price on Phillips 66 from $155.00 to $137.00 and set an “overweight” rating for the company in a research note on Monday, December 19th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $121.27.

Insider Buying and Selling

In other news, Director Gregory Hayes bought 10,250 shares of the company’s stock in a transaction that occurred on Thursday, February 2nd. The stock was bought at an average price of $97.75 per share, for a total transaction of $1,001,937.50. Following the transaction, the director now directly owns 14,299 shares of the company’s stock, valued at approximately $1,397,727.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.74% of the stock is currently owned by corporate insiders.

Phillips 66 Stock Performance

Shares of PSX opened at $97.95 on Wednesday. The company has a market cap of $45.44 billion, a PE ratio of 4.27, a price-to-earnings-growth ratio of 0.33 and a beta of 1.37. The company has a current ratio of 1.38, a quick ratio of 1.17 and a debt-to-equity ratio of 0.49. The stock has a 50-day moving average price of $103.05 and a 200-day moving average price of $99.45. Phillips 66 has a 12-month low of $73.85 and a 12-month high of $113.53.

Phillips 66 (NYSE:PSX – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.35). The business had revenue of $40.91 billion for the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. During the same quarter last year, the business posted $2.94 EPS. As a group, equities analysts forecast that Phillips 66 will post 15.57 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 1st. Investors of record on Tuesday, February 21st were given a $1.05 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $0.97. The ex-dividend date was Friday, February 17th. This represents a $4.20 dividend on an annualized basis and a yield of 4.29%. Phillips 66’s payout ratio is presently 18.30%.

Phillips 66 Profile

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.