Convergence Investment Partners LLC Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Convergence Investment Partners LLC cut its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 29.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,465 shares of the oil and gas company's stock after selling 5,291 shares during the quarter. Convergence Investment Partners LLC's holdings in Phillips 66 were worth $1,539,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PSX. Cohen & Steers Inc. boosted its position in shares of Phillips 66 by 40.3% during the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock worth $10,443,000 after purchasing an additional 26,318 shares during the period. Cary Street Partners Financial LLC purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $4,333,000. Resona Asset Management Co. Ltd. acquired a new stake in shares of Phillips 66 in the 4th quarter valued at $15,203,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Phillips 66 by 4.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,107,397 shares of the oil and gas company's stock valued at $126,166,000 after purchasing an additional 43,238 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in shares of Phillips 66 by 20.3% in the 1st 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 in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Robert W. Pease acquired 439 shares of the business's 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 completion of the transaction, the director directly owned 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were 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 disclosure for this sale can be found here. Company insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PSX. UBS Group cut their price target on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price target on the stock. in a research note on Thursday, March 27th. Scotiabank reiterated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a research note on Friday, July 11th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research report on Wednesday, June 18th. Finally, TD Cowen raised their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $135.20.

Phillips 66 Price Performance

PSX traded up $0.59 during midday trading on Friday, reaching $124.91. 3,665,931 shares of the company's stock were exchanged, compared to its average volume of 3,494,920. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. The stock has a market capitalization of $50.89 billion, a PE ratio of 28.45, a P/E/G ratio of 1.95 and a beta of 1.02. The business's 50-day moving average price is $121.57 and its 200 day moving average price is $118.52. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same quarter in the previous year, the business posted $2.31 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 109.34%.

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.