Dearborn Partners LLC Cuts Holdings in Phillips 66 (NYSE:PSX)

Key Points

• Dearborn Partners LLC reduced its stake in Phillips 66 (NYSE:PSX) by 49.1% during the first quarter, leaving them with 3,392 shares valued at approximately $419,000.
• In the fourth quarter, multiple institutional investors, including Cohen & Steers Inc., increased their stakes in Phillips 66, with Cohen & Steers lifting its holdings by 40.3%.
• Phillips 66 recently reported $2.38 EPS for the quarter, exceeding analyst expectations, and plans to pay a quarterly dividend of $1.20 on September 2nd.

Dearborn Partners LLC cut its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 49.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,392 shares of the oil and gas company's stock after selling 3,277 shares during the quarter. Dearborn Partners LLC's holdings in Phillips 66 were worth $419,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. Bayforest Capital Ltd raised its position in Phillips 66 by 166.8% in the first quarter. Bayforest Capital Ltd now owns 1,718 shares of the oil and gas company's stock worth $212,000 after acquiring an additional 1,074 shares during the period. Banque Cantonale Vaudoise bought a new stake in Phillips 66 in the first quarter worth about $2,268,000. TCTC Holdings LLC raised its position in Phillips 66 by 26.5% in the first quarter. TCTC Holdings LLC now owns 204,264 shares of the oil and gas company's stock worth $25,223,000 after acquiring an additional 42,839 shares during the period. Meeder Advisory Services Inc. raised its position in Phillips 66 by 15.3% in the first quarter. Meeder Advisory Services Inc. now owns 11,449 shares of the oil and gas company's stock worth $1,414,000 after acquiring an additional 1,517 shares during the period. Finally, Foundations Investment Advisors LLC raised its position in Phillips 66 by 11.0% in the first quarter. Foundations Investment Advisors LLC now owns 5,216 shares of the oil and gas company's stock worth $644,000 after acquiring an additional 516 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

NYSE:PSX traded down $3.99 during mid-day trading on Friday, hitting $119.59. 2,115,491 shares of the stock traded hands, compared to its average volume of 2,654,539. The business's 50-day moving average price is $122.41 and its 200 day moving average price is $118.90. The company has a market cap of $48.33 billion, a PE ratio of 28.75, a price-to-earnings-growth ratio of 1.68 and a beta of 1.02. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.85. The company has a quick ratio of 0.88, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate 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 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the company earned $2.31 earnings per share. On average, analysts expect 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. Investors of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 4.0%. Phillips 66's payout ratio is currently 115.38%.

Insider Activity at Phillips 66

In other news, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average price of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael A. Heim purchased 1,000 shares of the business's stock in a transaction on 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 purchase, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 1,939 shares of company stock valued at $237,725 in the last quarter. 0.22% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several brokerages have commented on PSX. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued a "neutral" rating on the stock. Evercore ISI began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research report on Wednesday, June 18th. Scotiabank reaffirmed a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research report on Friday, July 11th. Finally, Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Phillips 66 presently has an average rating of "Hold" and an average price target of $136.13.

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.