Acadian Asset Management LLC Sells 8,565 Shares of Phillips 66 $PSX

Key Points

• Acadian Asset Management LLC has **reduced its holdings** in Phillips 66 by **30.3%**, selling **8,565 shares** in the first quarter, leaving them with a total of **19,674 shares** valued at **$2.428 million**.
• Phillips 66's **recent earnings** report exceeded analysts' expectations, posting an **EPS of $2.38** compared to an estimate of **$1.79**, with revenues reaching **$33.77 billion**.
• The company recently declared a quarterly dividend of **$1.20 per share**, resulting in an annualized dividend yield of **3.7%**, despite a payout ratio of **115.38%**.

Acadian Asset Management LLC reduced its position in Phillips 66 (NYSE:PSX - Free Report) by 30.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,674 shares of the oil and gas company's stock after selling 8,565 shares during the quarter. Acadian Asset Management LLC's holdings in Phillips 66 were worth $2,428,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Pacific Center for Financial Services bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $27,000. von Borstel & Associates Inc. bought a new stake in shares of Phillips 66 during the 1st quarter valued at about $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Phillips 66 during the 1st quarter valued at about $29,000. 76.93% of the stock is owned by institutional investors.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $135.00, for a total value of $593,055.00. Following the sale, the executive vice president owned 38,980 shares in the company, valued at $5,262,300. The trade was a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 9,850 shares of company stock worth $1,188,910 and sold 18,586 shares worth $2,389,145. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PSX has been the topic of a number of research reports. Evercore ISI initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 target price on the stock. Compass Point initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "buy" rating on the stock. TD Cowen boosted their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Bank of America downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Finally, Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating on the stock. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average price target of $136.67.

Phillips 66 Trading Up 0.3%

NYSE PSX opened at $131.15 on Tuesday. The stock has a market capitalization of $53.00 billion, a price-to-earnings ratio of 31.53, a PEG ratio of 1.95 and a beta of 1.15. Phillips 66 has a one year low of $91.01 and a one year high of $140.60. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The business's fifty day moving average is $127.04 and its 200-day moving average is $119.50.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's payout ratio is presently 115.38%.

Phillips 66 Company 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.

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