Hi Line Capital Management LLC Has $16.65 Million Stock Position in Phillips 66 (NYSE:PSX)

Hi Line Capital Management LLC trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 1.3% during the 1st quarter, Holdings Channel reports. The institutional investor owned 101,945 shares of the oil and gas company’s stock after selling 1,395 shares during the period. Phillips 66 comprises 5.9% of Hi Line Capital Management LLC’s holdings, making the stock its 5th largest holding. Hi Line Capital Management LLC’s holdings in Phillips 66 were worth $16,652,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale grew its stake in Phillips 66 by 12.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 201,592 shares of the oil and gas company’s stock valued at $26,501,000 after purchasing an additional 22,278 shares during the last quarter. Eldred Rock Partners LLC purchased a new stake in shares of Phillips 66 in the fourth quarter worth about $10,402,000. First Dallas Securities Inc. purchased a new stake in shares of Phillips 66 in the third quarter worth about $753,000. TIAA Trust National Association boosted its stake in shares of Phillips 66 by 32.9% in the fourth quarter. TIAA Trust National Association now owns 14,816 shares of the oil and gas company’s stock worth $1,973,000 after buying an additional 3,670 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Phillips 66 by 27.7% in the fourth quarter. Daiwa Securities Group Inc. now owns 48,601 shares of the oil and gas company’s stock worth $6,470,000 after buying an additional 10,536 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Phillips 66 from $149.00 to $167.00 and gave the stock an “overweight” rating in a research note on Monday, April 1st. Barclays lowered their target price on Phillips 66 from $147.00 to $142.00 and set an “equal weight” rating on the stock in a research note on Monday. Wells Fargo & Company upped their price target on Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Piper Sandler reduced their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. Finally, Mizuho reduced their price target on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $157.43.

Insider Activity

In other news, EVP Timothy D. Roberts sold 37,742 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was 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 in the company, valued at $7,051,617. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded up $0.14 during mid-day trading on Monday, reaching $141.31. 690,151 shares of the stock traded hands, compared to its average volume of 2,777,970. The business has a 50-day moving average of $142.91 and a 200 day moving average of $144.83. Phillips 66 has a fifty-two week low of $94.51 and a fifty-two week high of $174.08. The stock has a market capitalization of $59.91 billion, a PE ratio of 10.86, a PEG ratio of 2.12 and a beta of 1.34. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter last year, the company earned $4.21 earnings per share. On average, analysts predict that Phillips 66 will post 11.08 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were given a $1.15 dividend. The ex-dividend date was Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.26%. Phillips 66’s dividend payout ratio is 35.38%.

Phillips 66 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.