AlTi Global Inc. Sells 20,594 Shares of Phillips 66 $PSX

Key Points

• AlTi Global Inc. reduced its stake in Phillips 66 by 32.8%, selling 20,594 shares and now holding 42,232 shares worth $5,215,000.
• Institutional investors and hedge funds own 76.93% of Phillips 66 stock, with notable increases in holdings from Elliott Investment Management and GAMMA Investing LLC.
• Phillips 66's recent quarterly earnings exceeded expectations, reporting $2.38 EPS compared to the consensus estimate of $1.79, alongside a revenue of $33.77 billion.

AlTi Global Inc. trimmed its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 32.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,232 shares of the oil and gas company's stock after selling 20,594 shares during the quarter. AlTi Global Inc.'s holdings in Phillips 66 were worth $5,215,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PSX. Pacific Center for Financial Services acquired a new position in Phillips 66 during the 4th quarter worth approximately $27,000. von Borstel & Associates Inc. bought a new stake in Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC bought a new stake in Phillips 66 during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC bought a new stake in Phillips 66 during the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in Phillips 66 during the 1st quarter worth approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PSX shares. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Morgan Stanley boosted their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Compass Point started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "buy" rating on the stock. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $144.00 to $147.00 in a report on Wednesday. Finally, Scotiabank reissued a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $135.60.

Phillips 66 Stock Down 0.1%

PSX traded down $0.14 during trading on Friday, hitting $131.44. 1,828,526 shares of the company's stock were exchanged, compared to its average volume of 1,927,008. 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's 50 day moving average is $126.26 and its two-hundred day moving average is $119.50. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. The stock has a market cap of $53.12 billion, a P/E ratio of 31.60, a PEG ratio of 2.05 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data 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 net margin of 1.27% and a return on equity of 4.87%. The firm 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 company posted $2.31 earnings per share. As a group, equities 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 announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date 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 currently 115.38%.

Insider Buying and Selling

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

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.