State of Michigan Retirement System reduced its holdings in Phillips 66 (NYSE:PSX – Free Report) by 2.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The company owned 117,812 shares of the oil and gas company after selling 2,600 shares during the same period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $19,243,000, according to its most recent disclosure with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in the company. Lazard Asset Management LLC increased its holdings in Phillips 66 by 1,562.6% in the third quarter. Lazard Asset Management LLC now owns 3,774 shares of the oil and gas company’s stock worth $452,000 after acquiring an additional 3,547 shares during the same period. Truist Financial Corp increased its holdings in shares of Phillips 66 by 6.9% in the third quarter. Truist Financial Corp now owns 532,241 shares of the oil and gas company’s stock worth $63,949,000 after acquiring an additional 34,573 shares in the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Phillips 66 by 260.6% in the third quarter. Axxcess Wealth Management LLC now owns 13,050 shares of the oil and gas company’s stock worth $1,568,000 after buying an additional 9,431 shares in the last quarter. Ellerson Group Inc. ADV increased its holdings in Phillips 66 by 0.7% in the third quarter. Ellerson Group Inc. ADV now owns 29,152 shares of the oil and gas company’s stock worth $3,503,000 after buying an additional 197 shares in the last quarter. Finally, Lido Advisors LLC increased its position in Phillips 66 by 7.2% in the third quarter. Lido Advisors LLC now owns 12,542 shares of the oil and gas company’s stock worth $1,507,000 after buying an additional 845 shares during the same period. 76.93% of the shares are held by hedge funds and other institutional investors.
Phillips 66 price performance
PSX stock opened at $140.47 on Wednesday. Phillips 66 has a 1-year low of $94.51 and a 1-year high of $174.08. The company has a market cap of $59.55 billion, a P/E ratio of 10.81, a PEG ratio of 2.12 and a beta of 1.34. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82. The company’s 50-day moving average is $142.59 and its 200-day moving average is $144.90.
Phillips 66 (NYSE:PSX – Get Free Report) last released its quarterly earnings results on Friday, April 26. The oil and gas company reported earnings per share (EPS) of $1.90 for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a return on equity of 19.19% and a net margin of 3.84%. The company had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter last year, the company posted earnings per share of $4.21. Analysts expect Phillips 66 to report earnings per share of $10.99 for the current fiscal year.
Changes in analyst ratings
PSX has been the subject of several research analyst reports. Goldman Sachs Group increased their price target on Phillips 66 from $152.00 to $174.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Argus reiterated a “buy” rating and issued a $167.00 price target on shares of Phillips 66 in a research note on Thursday, May 30th. TD Cowen reduced their price target on shares of Phillips 66 from $164.00 to $155.00 and issued a “buy” rating on the stock in a research note on Friday, June 21st. Bank of America raised their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, March 15. Finally, Piper Sandler lowered their price target on Phillips 66 from $170.00 to $151.00 and gave the company an “overweight” rating in a research report on Friday, June 14. Five analysts have rated the stock with a “hold” rating and eleven have rated it with a “buy.” According to data from MarketBeat, Phillips 66 currently has a consensus rating of “moderate buy” and an average price target of $157.07.
Check out our latest stock analysis on Phillips 66
Insider buying and selling at Phillips 66
In related news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock on Thursday, May 16. The shares were sold at an average price of $145.80, for a total value 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 can be accessed through the SEC’s website. 0.22% of the shares are currently owned by insiders.
About Phillips 66
(Free report)
Phillips 66 is a power generation and logistics company in the United States, the United Kingdom, Germany and internationally. It operates in four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other commodities, delivers refined petroleum products to market, provides terminal and storage services for crude oil and refined petroleum products, transports, stores, fractionates, exports and markets natural gas liquefied petroleum, provides other fee-based processing services, and gathers, processes, transports and markets natural gas.
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