Phillips 66 $PSX Shares Sold by Canada Pension Plan Investment Board

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Phillips 66 by 15.5%, now holding 503,474 shares worth approximately $62.17 million.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, with an annualized yield of 3.6%, set to be paid on September 2nd.
• Analysts have mixed opinions on Phillips 66, with ratings ranging from Strong Buy to Hold, and a consensus price target of $136.20.

Canada Pension Plan Investment Board reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 15.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 503,474 shares of the oil and gas company's stock after selling 92,264 shares during the quarter. Canada Pension Plan Investment Board owned 0.12% of Phillips 66 worth $62,169,000 at the end of the most recent reporting period.

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

Phillips 66 Price Performance

PSX stock traded up $0.93 during midday trading on Thursday, hitting $131.46. 712,181 shares of the stock were exchanged, compared to its average volume of 3,263,608. The stock's 50-day moving average price is $125.79 and its 200-day moving average price is $119.47. The stock has a market cap of $53.12 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.81 and a beta of 1.15. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the firm posted $2.31 earnings per share. Research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the completion of the sale, the executive vice president owned 43,373 shares of the company's stock, valued at approximately $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael A. Heim bought 1,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 9,850 shares of company stock valued at $1,188,910 in the last 90 days. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PSX shares. UBS Group raised their target price on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research report on Wednesday, June 18th. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target on the stock. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average 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.