Aberdeen Group plc Reduces Holdings in Phillips 66 $PSX

Key Points

• Aberdeen Group plc reduced its stake in Phillips 66 by 61.1%, selling 236,541 shares, and now holds 150,613 shares valued at approximately $18.6 million.
• Institutional investors own 76.93% of Phillips 66, with significant changes including Price T Rowe Associates increasing its holdings by 283.5% and GAMMA Investing expanding its position by 14,119.5%.
• Phillips 66 announced a quarterly dividend of $1.20 per share, reflecting a 3.9% yield and a payout ratio of 115.38%.

Aberdeen Group plc cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 61.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 150,613 shares of the oil and gas company's stock after selling 236,541 shares during the period. Aberdeen Group plc's holdings in Phillips 66 were worth $18,588,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Cary Street Partners Financial LLC bought a new position in shares of Phillips 66 during the 4th quarter worth $4,333,000. Wealth Enhancement Advisory Services LLC increased its stake in Phillips 66 by 20.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after acquiring an additional 26,825 shares during the last quarter. Alta Advisers Ltd bought a new position in Phillips 66 in the 1st quarter worth about $253,000. Sustainable Insight Capital Management LLC bought a new position in Phillips 66 in the 1st quarter worth about $1,457,000. Finally, Advisory Resource Group boosted its holdings in shares of Phillips 66 by 6.8% in the 1st quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after purchasing an additional 16,300 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

PSX stock traded up $5.3590 on Friday, hitting $129.8090. The company had a trading volume of 1,495,051 shares, compared to its average volume of 3,322,678. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.85. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock's 50-day simple moving average is $124.16 and its 200 day simple moving average is $119.01. The stock has a market cap of $52.46 billion, a price-to-earnings ratio of 31.21, a P/E/G ratio of 1.67 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter last year, the company posted $2.31 EPS. As a group, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. Phillips 66's dividend payout ratio is 115.38%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSX shares. Argus upgraded Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Barclays boosted their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Morgan Stanley boosted their target price on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a report on Wednesday, June 18th. Finally, Compass Point initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They set a "buy" rating on the stock. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Insider Activity

In related news, Director Gregory Hayes bought 8,350 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the transaction, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael A. Heim purchased 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the purchase, the director owned 12,043 shares of the company's stock, valued at $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 9,850 shares of company stock valued at $1,188,910 in the last quarter. Company insiders own 0.22% of the company's stock.

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.