15,400 Phillips 66 $PSX Shares Sold by American Assets Investment Management LLC

Key Points

• American Assets Investment Management cut its Phillips 66 position by 11.8%, selling 15,400 shares in the third quarter. It retained 115,400 shares, valued at about $29.5 million at period-end.
• Phillips 66 reported quarterly EPS of $14.08, beating the $11.73 analyst consensus, and revenue of $50.54 billion versus expectations of $44.91 billion.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $269.82. The company also raised its quarterly dividend from $1.27 to $1.33 per share.

American Assets Investment Management LLC lessened its position in Phillips 66 (NYSE:PSX - Free Report) by 11.8% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,400 shares of the oil and gas company's stock after selling 15,400 shares during the period. Phillips 66 accounts for about 1.7% of American Assets Investment Management LLC's portfolio, making the stock its 13th biggest holding. American Assets Investment Management LLC's holdings in Phillips 66 were worth $29,463,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PSX. BlackRock Inc. bought a new stake in shares of Phillips 66 during the second quarter worth about $5,766,779,000. Bank of New York Mellon Corp bought a new position in Phillips 66 in the 2nd quarter valued at approximately $1,093,206,000. Bank of America Corp DE acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $469,970,000. Legal & General Group Plc acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $303,648,000. Finally, Deutsche Bank AG bought a new stake in Phillips 66 during the 2nd quarter worth approximately $271,128,000. 76.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on PSX shares. TD Cowen raised their target price on Phillips 66 from $295.00 to $308.00 and gave the stock a "buy" rating in a research report on Thursday, October 22nd. Citigroup lifted their target price on Phillips 66 from $217.00 to $297.00 and gave the stock a "neutral" rating in a report on Tuesday, October 13th. Weiss Ratings raised Phillips 66 from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Jefferies Financial Group reissued a "hold" rating and issued a $276.00 price target on shares of Phillips 66 in a research note on Sunday, October 11th. Finally, BMO Capital Markets raised their price objective on Phillips 66 from $260.00 to $310.00 and gave the stock an "outperform" rating in a research report on Thursday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $269.82.

Phillips 66 News Roundup

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Analyst support: Morgan Stanley issued a Buy rating and raised its price target to $290, implying about 6.7% upside from the cited $271.86 share price. Morgan Stanley Issues a Buy Rating on Phillips 66 (PSX)
• Positive Sentiment: Refining momentum: Zacks included PSX among energy stocks showing momentum after October’s rally, pointing to strong quarterly earnings, favorable refining conditions and improving growth prospects. Buy 3 Energy Stocks as November Momentum Builds Up Post Choppy October
• Positive Sentiment: Renewable-fuels opportunity: Phillips 66’s long-term agreement with Restaurant Technologies will supply traceable used cooking oil for renewable fuel production in California, supporting feedstock availability for sustainable aviation fuel. The longer-term commercial potential may help diversify growth, though the articles provide no financial impact estimate. From Fryer to Flyer: Converting Used Cooking Oil into Sustainable Aviation Fuel
• Neutral Sentiment: Technical signal: Zacks noted PSX moved above its 20-day moving average, a short-term bullish indicator, but this chart signal does not establish a change in the company’s fundamentals. Phillips 66 (PSX) Just Flashed Golden Cross Signal: Do You Buy?
• Negative Sentiment: More cautious rating: Freedom Broker upgraded PSX from Sell to Hold and lifted its target to $258, which remains below the cited share price and signals limited near-term upside in its view. Freedom Broker recommendations

Insider Activity

In other news, EVP Richard Harbison sold 52,100 shares of the firm's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. This trade represents a 57.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 30,000 shares of the company's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 108,800 shares of company stock worth $25,016,566 in the last quarter. Company insiders own 0.40% of the company's stock.

Phillips 66 Trading Down 1.2%

NYSE PSX opened at $271.86 on Wednesday. The business has a 50 day simple moving average of $267.41 and a 200 day simple moving average of $199.84. Phillips 66 has a one year low of $127.16 and a one year high of $299.39. The stock has a market capitalization of $106.05 billion, a P/E ratio of 8.68, a P/E/G ratio of 0.15 and a beta of 0.69. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $11.73 by $2.35. The firm had revenue of $50.54 billion for the quarter, compared to analysts' expectations of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same period in the prior year, the business earned $2.52 EPS. Research analysts expect that Phillips 66 will post 33.22 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be paid a $1.33 dividend. This represents a $5.32 annualized dividend and a yield of 2.0%. This is an increase from Phillips 66's previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66's payout ratio is presently 16.22%.

Phillips 66 declared that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Stock buyback plans are usually a sign that the company's board believes its shares are undervalued.

Phillips 66 Company Profile

Phillips 66 NYSE: PSX is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips' downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.

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