Kovack Advisors Inc. Lowers Stock Holdings in Phillips 66 (NYSE:PSX)

Kovack Advisors Inc. trimmed its position in shares of Phillips 66 (NYSE:PSX) by 14.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,839 shares of the oil and gas company’s stock after selling 817 shares during the quarter. Kovack Advisors Inc.’s holdings in Phillips 66 were worth $644,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Barclays PLC boosted its stake in shares of Phillips 66 by 4.2% in the 3rd quarter. Barclays PLC now owns 7,760,709 shares of the oil and gas company’s stock valued at $932,447,000 after buying an additional 309,239 shares during the period. Morgan Stanley boosted its stake in shares of Phillips 66 by 2.1% in the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock valued at $813,291,000 after buying an additional 138,646 shares during the period. Northern Trust Corp boosted its stake in shares of Phillips 66 by 6.2% in the 3rd quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock valued at $586,463,000 after buying an additional 283,010 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Phillips 66 by 12.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 4,570,590 shares of the oil and gas company’s stock valued at $549,156,000 after buying an additional 502,785 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Phillips 66 by 21.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,946,809 shares of the oil and gas company’s stock valued at $233,909,000 after buying an additional 350,211 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In related news, Director Robert W. Pease purchased 682 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the purchase, the director now directly owns 1,900 shares of the company’s stock, valued at $278,502. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Robert W. Pease purchased 682 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was acquired at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the completion of the purchase, the director now directly owns 1,900 shares of the company’s stock, valued at $278,502. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Richard G. Harbison sold 21,934 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $146.27, for a total value of $3,208,286.18. Following the sale, the executive vice president now owns 24,941 shares of the company’s stock, valued at approximately $3,648,120.07. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 over the last 90 days. 0.22% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSX. Raymond James boosted their target price on Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. StockNews.com cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday. Piper Sandler boosted their target price on Phillips 66 from $169.00 to $187.00 and gave the stock an “overweight” rating in a research note on Friday, April 5th. Bank of America boosted their target price on Phillips 66 from $150.00 to $180.00 and gave the stock a “neutral” rating in a research note on Friday, March 15th. Finally, Barclays boosted their target price on Phillips 66 from $139.00 to $155.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 18th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $158.00.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $151.41 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. Phillips 66 has a twelve month low of $89.74 and a twelve month high of $174.08. The stock has a 50 day moving average of $155.55 and a two-hundred day moving average of $137.06. The stock has a market cap of $64.78 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.83 and a beta of 1.37.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. The company had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter last year, the company earned $4.21 EPS. On average, research analysts forecast that Phillips 66 will post 13.77 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Friday, May 17th. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio is 32.31%.

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.