CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Lowers Stock Position in Phillips 66 (NYSE:PSX)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its position in shares of Phillips 66 (NYSE:PSX) by 28.0% in the third quarter, Holdings Channel reports. The firm owned 170,026 shares of the oil and gas company’s stock after selling 66,034 shares during the period. Phillips 66 makes up about 1.6% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 16th biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Phillips 66 were worth $22,350,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PSX. Crewe Advisors LLC acquired a new position in Phillips 66 in the first quarter worth about $25,000. Keener Financial Planning LLC bought a new position in Phillips 66 in the first quarter worth about $26,000. Strategic Financial Concepts LLC acquired a new position in Phillips 66 in the second quarter valued at approximately $26,000. nVerses Capital LLC bought a new position in shares of Phillips 66 during the third quarter valued at approximately $26,000. Finally, Redmont Wealth Advisors LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $28,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.0 %

Shares of NYSE PSX traded down $0.06 during trading hours on Tuesday, hitting $131.26. The stock had a trading volume of 546,622 shares, compared to its average volume of 2,669,844. The firm’s 50-day moving average price is $133.09 and its two-hundred day moving average price is $139.92. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08. The company has a market capitalization of $54.94 billion, a P/E ratio of 11.26, a P/E/G ratio of 5.68 and a beta of 1.33. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $37.79 billion. During the same period in the previous year, the company earned $3.87 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. Analysts anticipate that Phillips 66 will post 7.81 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.50%. Phillips 66’s dividend payout ratio is 39.45%.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PSX shares. Morgan Stanley lowered their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Raymond James increased their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Scotiabank reduced their price target on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. TD Cowen lowered their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Wolfe Research started coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $149.50.

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.