Bremer Bank National Association Has $3.50 Million Stock Position in Phillips 66 (NYSE:PSX)

Bremer Bank National Association reduced its stake in Phillips 66 (NYSE:PSX) by 2.6% during the second quarter, Holdings Channel.com reports. The fund owned 24,812 shares of the oil and gas company’s stock after selling 654 shares during the period. Bremer Bank National Association’s holdings in Phillips 66 were worth $3,503,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crewe Advisors LLC acquired a new position in shares of Phillips 66 in the first quarter worth approximately $25,000. Keener Financial Planning LLC acquired a new position in shares of Phillips 66 in the first quarter worth approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in Phillips 66 in the first quarter valued at approximately $28,000. Ruedi Wealth Management Inc. lifted its stake in Phillips 66 by 102.1% in the first quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in Phillips 66 in the fourth quarter valued at approximately $27,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PSX. Piper Sandler dropped their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Raymond James boosted their price target on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. JPMorgan Chase & Co. dropped their price target on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Finally, Scotiabank dropped their price target on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $157.38.

Phillips 66 Stock Up 2.3 %

Shares of NYSE PSX traded up $3.04 during trading on Wednesday, hitting $137.70. The stock had a trading volume of 2,134,376 shares, compared to its average volume of 2,660,125. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The firm has a fifty day moving average of $138.15 and a two-hundred day moving average of $146.04. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The company has a market capitalization of $58.38 billion, a PE ratio of 10.62, a PEG ratio of 2.37 and a beta of 1.34.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same quarter last year, the business posted $3.87 EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities research analysts forecast that Phillips 66 will post 9.53 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a dividend of $1.15 per share. The ex-dividend date is Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.34%. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

Phillips 66 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.