Principal Financial Group Inc. Reduces Stock Holdings in Phillips 66 $PSX

Principal Financial Group Inc. lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 1.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 516,725 shares of the oil and gas company’s stock after selling 6,911 shares during the period. Principal Financial Group Inc. owned approximately 0.13% of Phillips 66 worth $70,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in PSX. Transcend Capital Advisors LLC grew its position in Phillips 66 by 89.2% during the 3rd quarter. Transcend Capital Advisors LLC now owns 4,938 shares of the oil and gas company’s stock worth $672,000 after purchasing an additional 2,328 shares during the period. Independent Advisor Alliance grew its holdings in Phillips 66 by 7.4% during the third quarter. Independent Advisor Alliance now owns 32,847 shares of the oil and gas company’s stock worth $4,468,000 after acquiring an additional 2,256 shares during the period. CWS Financial Advisors LLC purchased a new position in Phillips 66 during the third quarter valued at approximately $221,000. Everhart Financial Group Inc. lifted its holdings in Phillips 66 by 36.9% in the third quarter. Everhart Financial Group Inc. now owns 4,648 shares of the oil and gas company’s stock valued at $632,000 after acquiring an additional 1,253 shares during the period. Finally, Howard Capital Management Inc. boosted its position in Phillips 66 by 3.3% in the 3rd quarter. Howard Capital Management Inc. now owns 2,851 shares of the oil and gas company’s stock worth $388,000 after purchasing an additional 90 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 4.1%

Shares of PSX opened at $148.01 on Wednesday. The stock has a 50 day moving average price of $137.28 and a 200 day moving average price of $133.17. Phillips 66 has a one year low of $91.01 and a one year high of $148.10. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. The stock has a market capitalization of $59.63 billion, a price-to-earnings ratio of 40.44, a PEG ratio of 0.51 and a beta of 0.90.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PSX. BMO Capital Markets boosted their target price on shares of Phillips 66 from $152.00 to $160.00 in a research note on Tuesday, November 11th. Barclays upped their price objective on shares of Phillips 66 from $141.00 to $142.00 and gave the stock an “equal weight” rating in a research report on Monday, January 12th. Jefferies Financial Group lifted their price target on Phillips 66 from $137.00 to $149.00 and gave the company a “hold” rating in a research note on Monday, January 26th. Wall Street Zen downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research report on Saturday, December 20th. Finally, The Goldman Sachs Group boosted their price objective on Phillips 66 from $152.00 to $164.00 and gave the company a “neutral” rating in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $154.47.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 25,500 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $140.04, for a total value of $3,571,020.00. Following the completion of the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,959,593.52. This represents a 30.97% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares in the company, valued at approximately $12,388,398. This represents a 25.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 86,094 shares of company stock worth $11,955,366 over the last three months. Insiders own 0.22% of the company’s stock.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.