Phillips 66 (NYSE:PSX) Shares Sold by CCM Investment Advisers LLC

CCM Investment Advisers LLC reduced its position in Phillips 66 (NYSE:PSX - Free Report) by 5.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,233 shares of the oil and gas company's stock after selling 5,548 shares during the quarter. CCM Investment Advisers LLC's holdings in Phillips 66 were worth $10,895,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its holdings in shares of Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company's stock valued at $1,064,601,000 after acquiring an additional 639,323 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after purchasing an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after purchasing an additional 4,455,220 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Phillips 66 by 10.6% during the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after purchasing an additional 440,107 shares during the period. Finally, Norges Bank bought a new position in shares of Phillips 66 in the 4th quarter worth about $497,648,000. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Robert W. Pease bought 439 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director now directly owns 4,091 shares of the company's stock, valued at $465,760.35. This represents a 12.02% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Stock Performance

Shares of PSX traded up $0.68 during trading hours on Friday, reaching $122.20. 3,074,645 shares of the company's stock traded hands, compared to its average volume of 3,033,784. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The business's fifty day simple moving average is $109.84 and its two-hundred day simple moving average is $117.46. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The firm has a market capitalization of $49.79 billion, a price-to-earnings ratio of 24.74, a P/E/G ratio of 4.84 and a beta of 1.02.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same period in the previous year, the business posted $1.90 EPS. Analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Monday, May 19th. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's dividend payout ratio (DPR) is currently 109.34%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSX. TD Cowen boosted their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, May 13th. UBS Group lowered their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating for the company in a report on Monday, April 28th. Raymond James cut their price target on Phillips 66 from $150.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Barclays boosted their price objective on Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research report on Monday, May 12th. Finally, The Goldman Sachs Group lowered Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 target price on the stock. in a research report on Thursday, March 27th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $135.46.

Phillips 66 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.