Welch & Forbes LLC Sells 6,449 Shares of Phillips 66 (NYSE:PSX)

Welch & Forbes LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 49.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,625 shares of the oil and gas company’s stock after selling 6,449 shares during the quarter. Welch & Forbes LLC’s holdings in Phillips 66 were worth $882,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. International Assets Investment Management LLC bought a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $254,336,000. Bahl & Gaynor Inc. boosted its position in shares of Phillips 66 by 41.2% during the third quarter. Bahl & Gaynor Inc. now owns 1,506,861 shares of the oil and gas company’s stock valued at $181,049,000 after buying an additional 439,360 shares during the last quarter. Acadian Asset Management LLC raised its position in Phillips 66 by 1,038.3% in the 3rd quarter. Acadian Asset Management LLC now owns 472,208 shares of the oil and gas company’s stock worth $56,720,000 after buying an additional 430,723 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Phillips 66 by 53.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,214,738 shares of the oil and gas company’s stock valued at $145,951,000 after acquiring an additional 421,714 shares during the period. Finally, Nomura Holdings Inc. boosted its holdings in shares of Phillips 66 by 10,239.5% during the 3rd quarter. Nomura Holdings Inc. now owns 399,000 shares of the oil and gas company’s stock valued at $47,940,000 after acquiring an additional 395,141 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PSX. Bank of America increased their price target on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Wells Fargo & Company lifted their price objective on Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. The Goldman Sachs Group increased their target price on shares of Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Mizuho dropped their price target on shares of Phillips 66 from $167.00 to $162.00 and set a “neutral” rating for the company in a research report on Friday, April 12th. Finally, Piper Sandler raised their price objective on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research report on Friday, April 5th. Five equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $157.43.

Phillips 66 Trading Up 1.5 %

Phillips 66 stock traded up $2.16 during mid-day trading on Wednesday, hitting $147.37. The company’s stock had a trading volume of 807,067 shares, compared to its average volume of 2,915,182. The company has a 50 day moving average of $155.48 and a 200-day moving average of $138.78. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. The stock has a market cap of $62.48 billion, a PE ratio of 11.17, a P/E/G ratio of 1.82 and a beta of 1.41. Phillips 66 has a one year low of $89.74 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The company had revenue of $36.44 billion for the quarter, compared to the consensus estimate of $35.87 billion. During the same period in the prior year, the firm posted $4.21 EPS. On average, research analysts anticipate that Phillips 66 will post 13.17 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be paid a $1.15 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a yield of 3.12%. Phillips 66’s payout ratio is 32.31%.

Insider Buying and Selling at Phillips 66

In other news, EVP Richard G. Harbison sold 21,934 shares of Phillips 66 stock in a transaction on Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the transaction, the executive vice president now owns 24,941 shares in the company, valued at approximately $3,648,120.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, 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 transaction, the executive vice president now directly owns 24,941 shares in the company, valued at $3,648,120.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert W. Pease bought 682 shares of Phillips 66 stock in a transaction on 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 transaction, the director now directly owns 1,900 shares of the company’s stock, valued at $278,502. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 35,056 shares of company stock valued at $5,272,681. 0.22% of the stock is currently owned by corporate insiders.

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.