First American Bank Lowers Stock Holdings in Phillips 66 (NYSE:PSX)

First American Bank reduced its position in shares of Phillips 66 (NYSE:PSX) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,021 shares of the oil and gas company’s stock after selling 659 shares during the period. First American Bank’s holdings in Phillips 66 were worth $4,341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PSX. Crewe Advisors LLC purchased a new position in shares of Phillips 66 during the first quarter worth $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 in the first quarter valued at $26,000. Strategic Financial Concepts LLC purchased a new position in Phillips 66 in the second quarter valued at $26,000. nVerses Capital LLC purchased a new position in Phillips 66 in the third quarter valued at $26,000. Finally, Redmont Wealth Advisors LLC purchased a new position in Phillips 66 in the first quarter valued at $28,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PSX shares. Barclays decreased their target price on Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a report on Tuesday, October 8th. TD Cowen cut their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. JPMorgan Chase & Co. cut their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Piper Sandler set a $144.00 price target on Phillips 66 in a research note on Thursday, October 17th. Finally, Raymond James raised 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. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Stock Performance

Shares of PSX stock opened at $128.17 on Monday. The stock has a market capitalization of $54.34 billion, a PE ratio of 9.86, a price-to-earnings-growth ratio of 5.61 and a beta of 1.33. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The stock’s 50-day moving average price is $132.43 and its 200 day moving average price is $138.85. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the previous year, the firm posted $3.87 EPS. The firm’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 7.81 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is presently 35.38%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 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 value 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. The trade was 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. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Company 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.