Kornitzer Capital Management Inc. KS Sells 274 Shares of Phillips 66 (NYSE:PSX)

by · The Cerbat Gem

Kornitzer Capital Management Inc. KS lessened its position in shares of Phillips 66 (NYSE:PSX – Free Report) by 0.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 51,402 shares of the oil and gas company’s stock after selling 274 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Phillips 66 were worth $6,347,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. von Borstel & Associates Inc. bought a new stake in Phillips 66 in the first quarter valued at $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 during the first quarter worth about $28,000. Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the first quarter worth about $29,000. Pacific Center for Financial Services bought a new stake in shares of Phillips 66 during the fourth quarter worth about $27,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Phillips 66 during the first quarter worth about $29,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.4%

Phillips 66 stock opened at $128.52 on Wednesday. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The stock has a market cap of $52.36 billion, a PE ratio of 29.28, a price-to-earnings-growth ratio of 2.07 and a beta of 1.02. The firm’s 50-day simple moving average is $120.37 and its 200 day simple moving average is $118.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23.

Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same quarter last year, the firm posted $1.90 earnings per share. Research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66’s payout ratio is 109.34%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PSX shares. Evercore ISI started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set an “outperform” rating and a $130.00 target price for the company. TD Cowen boosted their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, May 13th. Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the stock an “outperform” rating in a research report on Tuesday. Wells Fargo & Company decreased their target price on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research report on Wednesday, June 11th. Finally, Barclays boosted their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 9th. Nine research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $135.21.

Get Our Latest Research Report on Phillips 66

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the business’s stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business’s stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the completion of the transaction, the executive vice president owned 43,373 shares in the company, valued at approximately $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.22% of the company’s stock.

About Phillips 66

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).