Beacon Pointe Advisors LLC Reduces Holdings in Phillips 66 (NYSE:PSX)

Defense World · Nov 26, 2022 21:11

Beacon Pointe Advisors LLC trimmed its holdings in shares of Phillips 66 (NYSE:PSX – Get Rating) by 79.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,557 shares of the oil and gas company's stock after selling 36,965 shares during the period. Beacon Pointe Advisors LLC's holdings in Phillips 66 were worth $786,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Cetera Investment Advisers increased its stake in shares of Phillips 66 by 21.9% during the 2nd quarter. Cetera Investment Advisers now owns 20,748 shares of the oil and gas company's stock worth $1,701,000 after purchasing an additional 3,726 shares in the last quarter. Cetera Advisor Networks LLC boosted its position in Phillips 66 by 7.8% during the second quarter. Cetera Advisor Networks LLC now owns 42,563 shares of the oil and gas company's stock worth $3,490,000 after acquiring an additional 3,077 shares during the last quarter. Cetera Advisors LLC boosted its position in Phillips 66 by 7.4% during the second quarter. Cetera Advisors LLC now owns 19,741 shares of the oil and gas company's stock worth $1,619,000 after acquiring an additional 1,362 shares during the last quarter. Checchi Capital Advisers LLC boosted its position in Phillips 66 by 19.0% during the second quarter. Checchi Capital Advisers LLC now owns 7,288 shares of the oil and gas company's stock worth $649,000 after acquiring an additional 1,164 shares during the last quarter. Finally, Magnus Financial Group LLC boosted its position in Phillips 66 by 17.3% during the second quarter. Magnus Financial Group LLC now owns 2,801 shares of the oil and gas company's stock worth $230,000 after acquiring an additional 414 shares during the last quarter. 71.42% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

A number of analysts recently issued reports on PSX shares. Wolfe Research lowered shares of Phillips 66 from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, September 14th. Raymond James raised their target price on shares of Phillips 66 from $115.00 to $130.00 and gave the stock an "outperform" rating in a research report on Thursday, November 10th. The Goldman Sachs Group lifted their price target on shares of Phillips 66 to $123.00 in a report on Wednesday, November 16th. BMO Capital Markets lifted their price target on shares of Phillips 66 from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Thursday, November 10th. Finally, Morgan Stanley lifted their price target on shares of Phillips 66 from $105.00 to $115.00 and gave the company an "equal weight" rating in a report on Monday, November 7th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $116.73.

Insider Buying and Selling

In related news, VP Joseph Scott Pruitt sold 3,000 shares of Phillips 66 stock in a transaction on Friday, November 11th. The shares were sold at an average price of $111.86, for a total transaction of $335,580.00. Following the sale, the vice president now owns 15,302 shares of the company's stock, valued at approximately $1,711,681.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.74% of the stock is currently owned by insiders.

Phillips 66 Stock Performance

NYSE:PSX opened at $110.78 on Friday. The company has a current ratio of 1.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $52.36 billion, a price-to-earnings ratio of 5.07, a PEG ratio of 0.31 and a beta of 1.44. The firm's fifty day simple moving average is $96.80 and its 200 day simple moving average is $92.73. Phillips 66 has a twelve month low of $67.08 and a twelve month high of $113.53.

Phillips 66 (NYSE:PSX – Get Rating) last released its quarterly earnings results on Tuesday, November 1st. The oil and gas company reported $6.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.82 by $1.64. Phillips 66 had a net margin of 6.18% and a return on equity of 32.66%. During the same quarter in the prior year, the business posted $3.18 EPS. As a group, equities research analysts expect that Phillips 66 will post 20.4 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be paid a dividend of $0.97 per share. This represents a $3.88 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Wednesday, November 16th. Phillips 66's dividend payout ratio (DPR) is 17.75%.

About Phillips 66

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Phillips 66 operates as an energy manufacturing and logistics company. 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.