Murphy Pohlad Asset Management LLC Cuts Stock Holdings in Phillips 66 (NYSE:PSX)

Murphy Pohlad Asset Management LLC cut its stake in Phillips 66 (NYSE:PSX) by 6.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 20,175 shares of the oil and gas company’s stock after selling 1,350 shares during the quarter. Murphy Pohlad Asset Management LLC’s holdings in Phillips 66 were worth $1,731,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PSX. Meridian Wealth Partners LLC purchased a new position in Phillips 66 in the first quarter valued at about $26,000. Red Door Wealth Management LLC purchased a new position in Phillips 66 in the second quarter valued at about $27,000. Harvest Fund Management Co. Ltd increased its holdings in Phillips 66 by 72.2% in the first quarter. Harvest Fund Management Co. Ltd now owns 415 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 174 shares in the last quarter. Certified Advisory Corp purchased a new position in Phillips 66 in the first quarter valued at about $42,000. Finally, Clean Yield Group purchased a new position in Phillips 66 in the second quarter valued at about $46,000. 69.06% of the stock is owned by institutional investors.

Shares of PSX traded down $1.42 during mid-day trading on Monday, reaching $64.60. The company had a trading volume of 18,804 shares, compared to its average volume of 2,917,604. The stock has a market cap of $28.29 billion, a price-to-earnings ratio of -17.02, a price-to-earnings-growth ratio of 1.65 and a beta of 1.69. The firm has a fifty day simple moving average of $71.65 and a 200-day simple moving average of $79.92. Phillips 66 has a fifty-two week low of $43.27 and a fifty-two week high of $94.34. The company has a current ratio of 1.08, a quick ratio of 0.76 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Monday, August 2nd. The oil and gas company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.14. The company had revenue of $27.89 billion for the quarter, compared to analyst estimates of $21.05 billion. Phillips 66 had a negative net margin of 2.05% and a negative return on equity of 3.24%. During the same quarter last year, the business earned ($0.74) EPS. As a group, equities analysts predict that Phillips 66 will post 1.94 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 1st. Shareholders of record on Wednesday, August 18th were issued a $0.88 dividend. The ex-dividend date was Tuesday, August 17th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 5.45%. Phillips 66’s dividend payout ratio (DPR) is presently -404.49%.

A number of research analysts have issued reports on the stock. Morgan Stanley assumed coverage on shares of Phillips 66 in a report on Tuesday, September 7th. They issued an “equal weight” rating and a $80.00 target price for the company. Citigroup lowered shares of Phillips 66 from a “buy” rating to a “neutral” rating and lowered their price target for the company from $95.00 to $75.00 in a research report on Thursday, August 26th. Barclays lowered their price target on shares of Phillips 66 from $95.00 to $88.00 and set an “overweight” rating on the stock in a research report on Thursday, July 8th. Piper Sandler lowered their price target on shares of Phillips 66 from $92.00 to $85.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Cowen lowered shares of Phillips 66 from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $80.00 to $73.00 in a research report on Friday, August 20th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Phillips 66 presently has an average rating of “Buy” and an average price target of $84.19.

Phillips 66 Company Profile

Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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