Ameriprise Financial Inc. Sells 10,374 Shares of Phillips 66 $PSX

Key Points

• Ameriprise Financial Inc. reduced its stake in Phillips 66 by 2.0%, selling 10,374 shares, and now owns approximately 0.12% of the company valued at $62.15 million.
• Phillips 66 reported earnings of $2.38 per share, surpassing analyst estimates of $1.79 and achieving revenue of $33.77 billion for the quarter.
• The company declared a quarterly dividend of $1.20 per share, yielding around 3.7%, with a payout ratio currently at 115.38%.

Ameriprise Financial Inc. cut its position in Phillips 66 (NYSE:PSX - Free Report) by 2.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 503,383 shares of the oil and gas company's stock after selling 10,374 shares during the quarter. Ameriprise Financial Inc. owned 0.12% of Phillips 66 worth $62,153,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the transaction, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 9,850 shares of company stock valued at $1,188,910. Company insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Morgan Stanley boosted their price objective 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. Evercore ISI started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target on the stock. Raymond James Financial set a $142.00 target price on Phillips 66 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Finally, UBS Group upped their price objective on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus price target of $136.20.

Phillips 66 Stock Performance

Shares of PSX traded up $0.86 on Friday, reaching $133.69. 1,530,714 shares of the company's stock traded hands, compared to its average volume of 2,010,903. The stock's 50 day simple moving average is $125.03 and its two-hundred day simple moving average is $119.33. The stock has a market cap of $54.03 billion, a PE ratio of 32.14, a PEG ratio of 1.80 and a beta of 1.09. Phillips 66 has a 52-week low of $91.01 and a 52-week 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.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the company earned $2.31 EPS. On average, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.6%. Phillips 66's payout ratio is currently 115.38%.

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.