Bollard Group LLC Cuts Position in Phillips 66 $PSX

Key Points

• Bollard Group LLC cut its Phillips 66 stake by 6.2% in the fourth quarter, selling 7,240 shares and ending with 109,684 shares valued at about $14.15 million.
• Phillips 66 reported better-than-expected earnings for the latest quarter, posting $0.49 EPS versus a consensus loss estimate, though revenue of $32.54 billion came in below expectations.
• The company continues to reward shareholders with a quarterly dividend of $1.27, equal to a 2.8% yield, while analysts currently rate the stock a “Moderate Buy” with an average price target of $192.33.

Bollard Group LLC lessened its stake in Phillips 66 (NYSE:PSX - Free Report) by 6.2% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,684 shares of the oil and gas company's stock after selling 7,240 shares during the quarter. Bollard Group LLC's holdings in Phillips 66 were worth $14,154,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PSX. Board of the Pension Protection Fund purchased a new position in Phillips 66 during the 4th quarter valued at about $26,000. Accordant Advisory Group Inc increased its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in Phillips 66 during the 4th quarter valued at about $27,000. SWAN Capital LLC increased its holdings in Phillips 66 by 1,055.6% during the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 190 shares in the last quarter. Finally, Stephens Consulting LLC increased its holdings in Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $179.27 on Friday. Phillips 66 has a 12-month low of $118.00 and a 12-month high of $190.61. The stock has a market capitalization of $71.87 billion, a P/E ratio of 17.66, a P/E/G ratio of 0.26 and a beta of 0.68. The firm's 50-day moving average is $172.49 and its two-hundred day moving average is $157.75. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same period last year, the company earned ($0.90) EPS. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts predict that Phillips 66 will post 17.95 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers bought 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 45,629 shares of company stock worth $8,071,540 over the last three months. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Jefferies Financial Group raised their target price on shares of Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Scotiabank raised their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Morgan Stanley raised their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research note on Friday. Wolfe Research raised their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Finally, Barclays raised their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $192.33.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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