Phillips 66 (NYSE:PSX) Shares Sold by Eastern Bank

by · The Markets Daily

Eastern Bank trimmed its stake in Phillips 66 (NYSE:PSX – Free Report) by 28.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,887 shares of the oil and gas company’s stock after selling 760 shares during the quarter. Eastern Bank’s holdings in Phillips 66 were worth $233,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Pacific Center for Financial Services acquired a new position in Phillips 66 in the fourth quarter valued at $27,000. von Borstel & Associates Inc. acquired a new position in Phillips 66 in the first quarter valued at $27,000. Olde Wealth Management LLC acquired a new position in Phillips 66 in the first quarter valued at $28,000. Wood Tarver Financial Group LLC acquired a new position in Phillips 66 in the fourth quarter valued at $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in Phillips 66 in the first quarter valued at $29,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PSX has been the subject of several analyst reports. Tudor Pickering lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Wells Fargo & Company dropped their target price on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Cantor Fitzgerald assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a “neutral” rating for the company. Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a “buy” rating for the company. Finally, Barclays boosted their price target on Phillips 66 from $115.00 to $127.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 9th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $136.13.

View Our Latest Report on PSX

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director owned 4,091 shares of the company’s stock, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president directly owned 43,373 shares of the company’s stock, valued at $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $123.52 on Friday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The business has a 50-day moving average of $122.28 and a 200-day moving average of $118.88. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.88. The company has a market capitalization of $49.91 billion, a price-to-earnings ratio of 29.69, a PEG ratio of 1.69 and a beta of 1.02.

Phillips 66 (NYSE:PSX – Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the prior year, the business earned $2.31 earnings per share. On average, equities analysts anticipate 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. Stockholders of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. Phillips 66’s dividend payout ratio is presently 115.38%.

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.

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