Avidian Wealth Enterprises LLC Sells 2,178 Shares of Phillips 66 (NYSE:PSX)

Avidian Wealth Enterprises LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 21.3% during the third quarter, Holdings Channel.com reports. The institutional investor owned 8,039 shares of the oil and gas company’s stock after selling 2,178 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Phillips 66 were worth $1,057,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Manning & Napier Advisors LLC acquired a new position in Phillips 66 during the second quarter valued at approximately $17,670,000. M&G Plc acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $3,596,000. Duality Advisers LP bought a new stake in shares of Phillips 66 in the 1st quarter valued at $3,596,000. Meeder Asset Management Inc. acquired a new stake in Phillips 66 during the 1st quarter worth $1,283,000. Finally, Cetera Investment Advisers lifted its holdings in Phillips 66 by 318.9% during the first quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock worth $23,284,000 after acquiring an additional 108,515 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total value of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $127.91 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The business has a 50-day moving average of $130.59 and a 200-day moving average of $137.00. The stock has a market capitalization of $52.83 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 3.94 and a beta of 1.33. Phillips 66 has a fifty-two week low of $110.54 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same period last year, the company earned $4.63 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 7.69 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.60%. Phillips 66’s dividend payout ratio is presently 59.05%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PSX. JPMorgan Chase & Co. lowered their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. UBS Group dropped their target price on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a report on Monday. Morgan Stanley cut their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a research report on Thursday, October 17th. Finally, Scotiabank cut their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $150.38.

About Phillips 66

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.