Phillips 66 $PSX Holdings Trimmed by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. has reduced its stake in Phillips 66 by 8.1%, now holding approximately 975,977 shares valued at about $120.5 million.
• Phillips 66 recently reported quarterly earnings of $2.38 EPS, exceeding analysts' expectations, with revenue of $33.77 billion for the quarter.
• The company announced a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.6% and a 115.38% payout ratio.

Alliancebernstein L.P. lessened its stake in Phillips 66 (NYSE:PSX - Free Report) by 8.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 975,977 shares of the oil and gas company's stock after selling 86,039 shares during the quarter. Alliancebernstein L.P. owned about 0.24% of Phillips 66 worth $120,514,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pacific Center for Financial Services purchased a new position in Phillips 66 in the 4th quarter valued at about $27,000. von Borstel & Associates Inc. purchased a new position in Phillips 66 in the 1st quarter valued at about $27,000. Olde Wealth Management LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at approximately $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In other Phillips 66 news, Director Michael A. Heim purchased 1,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares in the company, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

NYSE PSX traded down $0.14 during trading hours on Friday, hitting $131.44. The company had a trading volume of 1,828,526 shares, compared to its average volume of 1,933,730. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The business has a fifty day simple moving average of $126.26 and a 200-day simple moving average of $119.42. The firm has a market cap of $53.12 billion, a P/E ratio of 31.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its 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 firm had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same period last year, the company earned $2.31 earnings per share. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSX. TD Cowen upped their target price on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Morgan Stanley upped their price target on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Argus raised Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. One investment 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, Phillips 66 has an average rating of "Moderate Buy" and a consensus target price of $135.60.

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.