Dimensional Fund Advisors LP Sells 287,851 Shares of Phillips 66 $PSX

Key Points

• Dimensional Fund Advisors LP has reduced its stake in Phillips 66 by 7.2%, holding approximately $460.03 million, or 0.91% of the company, after selling 287,851 shares.
• The company announced a quarterly dividend of $1.20 per share, reflecting an annual yield of 3.9% and a payout ratio of 115.38%.
• Phillips 66 reported a net revenue of $33.77 billion for the last quarter, exceeding analysts' expectations of $32.11 billion, alongside earnings per share of $2.38.

Dimensional Fund Advisors LP cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 7.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,726,262 shares of the oil and gas company's stock after selling 287,851 shares during the quarter. Dimensional Fund Advisors LP owned 0.91% of Phillips 66 worth $460,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Pacific Center for Financial Services purchased a new stake in Phillips 66 during the 4th quarter valued at about $27,000. von Borstel & Associates Inc. purchased a new stake in Phillips 66 in the 1st quarter worth approximately $27,000. Olde Wealth Management LLC purchased a new stake in Phillips 66 in the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC purchased a new stake in Phillips 66 in the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Phillips 66 in the 1st quarter worth approximately $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PSX shares. Compass Point started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating for the company. Evercore ISI started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective for the company. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Piper Sandler restated a "neutral" rating and issued a $145.00 target price (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Finally, Mizuho raised their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Insider Activity at Phillips 66

In related news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company's stock, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the transaction, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 10,289 shares of company stock worth $1,238,890 over the last quarter. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Up 1.4%

PSX stock traded up $1.6820 on Wednesday, reaching $123.8520. 921,821 shares of the company traded hands, compared to its average volume of 3,336,641. Phillips 66 has a one year low of $91.01 and a one year high of $140.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a market cap of $50.05 billion, a P/E ratio of 29.77, a price-to-earnings-growth ratio of 1.66 and a beta of 1.09. The firm has a fifty day simple moving average of $124.05 and a 200-day simple moving average of $118.93.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating 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 company had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same quarter last year, the company earned $2.31 EPS. Research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is 115.38%.

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.