Comerica Bank Trims Stake in Phillips 66 $PSX

Key Points

• Comerica Bank has reduced its holdings in Phillips 66 by 3.3%, resulting in ownership of 145,826 shares valued at $18,007,000.
• Phillips 66 reported a quarterly earnings per share (EPS) of $2.38, outperforming analysts' expectations of $1.79 and generating $33.77 billion in revenue.
• The company will pay a quarterly dividend of $1.20 on September 2nd, with an annualized yield of 3.7%, despite a payout ratio of 115.38%.

Comerica Bank reduced its holdings in Phillips 66 (NYSE:PSX - Free Report) by 3.3% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 145,826 shares of the oil and gas company's stock after selling 4,960 shares during the quarter. Comerica Bank's holdings in Phillips 66 were worth $18,007,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Cary Street Partners Financial LLC bought a new position in shares of Phillips 66 in the fourth quarter worth approximately $4,333,000. Wealth Enhancement Advisory Services LLC lifted its position in Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares during the last quarter. Alta Advisers Ltd purchased a new position in Phillips 66 in the 1st quarter worth approximately $253,000. Sustainable Insight Capital Management LLC bought a new position in shares of Phillips 66 in the 1st quarter worth $1,457,000. Finally, Advisory Resource Group increased its holdings in shares of Phillips 66 by 6.8% in the 1st quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after buying an additional 16,300 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Down 0.2%

Shares of PSX stock opened at $129.6760 on Tuesday. The business has a 50-day moving average of $124.43 and a 200 day moving average of $119.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The stock has a market capitalization of $52.40 billion, a PE ratio of 31.17, a P/E/G ratio of 1.76 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS 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 business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same period in the previous year, the firm earned $2.31 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's payout ratio is presently 115.38%.

Analyst Ratings Changes

A number of analysts have recently issued reports on PSX shares. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Cantor Fitzgerald initiated coverage on Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating for the company. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Citigroup lowered Phillips 66 from a "buy" rating to a "neutral" rating and increased their price objective for the company from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, Mizuho raised their price objective on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $136.20.

Insider Activity at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the transaction, the director owned 29,423 shares of the company's stock, valued at $3,527,817.70. The trade was a 39.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 9,850 shares of company stock worth $1,188,910 over the last ninety days. Insiders own 0.22% of the company's stock.

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.

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