Concurrent Investment Advisors LLC increased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 45.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 30,055 shares of the oil and gas company's stock after acquiring an additional 9,376 shares during the period. Concurrent Investment Advisors LLC's holdings in Phillips 66 were worth $3,711,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in PSX. Cohen & Steers Inc. boosted its stake in shares of Phillips 66 by 40.3% in the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock valued at $10,443,000 after purchasing an additional 26,318 shares during the last quarter. American Assets Investment Management LLC lifted its holdings in Phillips 66 by 2.3% in the fourth quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company's stock valued at $14,902,000 after buying an additional 3,000 shares during the period. LBP AM SA boosted its position in Phillips 66 by 217.9% during the fourth quarter. LBP AM SA now owns 68,923 shares of the oil and gas company's stock valued at $7,852,000 after acquiring an additional 47,242 shares during the last quarter. Cary Street Partners Financial LLC bought a new stake in Phillips 66 during the fourth quarter valued at $4,333,000. Finally, Resona Asset Management Co. Ltd. acquired a new stake in Phillips 66 during the 4th quarter worth about $15,203,000. Institutional investors own 76.93% of the company's stock.
Phillips 66 Stock Performance
Shares of PSX traded down $0.85 on Monday, reaching $126.44. 2,075,443 shares of the company's stock traded hands, compared to its average volume of 3,106,616. The stock's 50 day simple moving average is $116.94 and its two-hundred day simple moving average is $117.14. The stock has a market cap of $51.52 billion, a PE ratio of 28.80, a PEG ratio of 2.00 and a beta of 1.02. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the business earned $1.90 earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.
Phillips 66 Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.80%. This is a boost from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66's payout ratio is presently 109.34%.
Insider Buying and Selling
In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at $7,104,750. This trade represents a 14.71% 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 Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction dated 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 purchase, the director directly owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.22% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on PSX. Morgan Stanley dropped their target price on shares of Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 24th. Scotiabank cut their target price on Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating on the stock in a report on Friday, April 11th. The Goldman Sachs Group downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective on the stock. in a report on Thursday, March 27th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Tudor Pickering downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.93.
Read Our Latest Report on PSX
Phillips 66 Company Profile
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Free Report)
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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