Phillips 66 $PSX Shares Sold by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. reduced its stake in Phillips 66 by 10.2%, holding 56,870 shares valued at approximately $7,022,000 after selling 6,476 shares during the first quarter.
• Phillips 66 reported earnings of $2.38 per share, surpassing estimates of $1.79, with quarterly revenue of $33.77 billion compared to projected $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, resulting in an annualized yield of 3.7%, despite a high dividend payout ratio of 115.38%.

Advisors Asset Management Inc. lessened its position in Phillips 66 (NYSE:PSX - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,870 shares of the oil and gas company's stock after selling 6,476 shares during the quarter. Advisors Asset Management Inc.'s holdings in Phillips 66 were worth $7,022,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Elliott Investment Management L.P. boosted its stake in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the last quarter. Nuveen LLC acquired a new position in Phillips 66 during the first quarter worth $156,482,000. GAMMA Investing LLC boosted its stake in Phillips 66 by 14,119.5% during the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after buying an additional 1,181,240 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in Phillips 66 by 157.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock worth $175,593,000 after buying an additional 942,922 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after buying an additional 682,459 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the transaction, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Stock Down 0.1%

NYSE PSX traded down $0.14 during trading hours on Friday, hitting $131.44. 1,828,526 shares of the company were exchanged, compared to its average volume of 1,927,008. The company has a 50 day moving average of $126.26 and a two-hundred day moving average of $119.50. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.60. The firm has a market cap of $53.12 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 2.05 and a beta of 1.15.

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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the prior year, the business earned $2.31 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

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

Wall Street Analysts Forecast Growth

PSX has been the subject of several analyst reports. UBS Group increased their price target on shares of Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Mizuho lifted their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Wells Fargo & Company reduced their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Piper Sandler restated a "neutral" rating and issued a $145.00 target price (up previously from $144.00) on shares of Phillips 66 in a research report on Monday, August 4th. Finally, Raymond James Financial set a $142.00 target price on Phillips 66 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $135.60.

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.