Eldred Rock Partners LLC Decreases Holdings in Phillips 66 $PSX

Key Points

• Eldred Rock Partners LLC reduced its stake in Phillips 66 by 5.0%, selling 4,731 shares, which means they now own a total of 90,184 shares valued at approximately $10.76 million.
• Phillips 66 reported $2.38 earnings per share for the last quarter, exceeding analysts' expectations of $1.79 and achieving a revenue of $33.77 billion.
• The company declared a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.6%, while its current dividend payout ratio stands at 115.38%.

Eldred Rock Partners LLC lowered its stake in Phillips 66 (NYSE:PSX - Free Report) by 5.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 90,184 shares of the oil and gas company's stock after selling 4,731 shares during the period. Phillips 66 accounts for 3.3% of Eldred Rock Partners LLC's holdings, making the stock its 16th largest holding. Eldred Rock Partners LLC's holdings in Phillips 66 were worth $10,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of PSX. Elliott Investment Management L.P. increased its position in shares of Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in 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 worth $19,625,000 after purchasing an additional 26,825 shares in the last quarter. Alta Advisers Ltd purchased a new stake 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, Evergreen Wealth Solutions LLC purchased a new stake in Phillips 66 during the 1st quarter valued at $292,000. Institutional investors own 76.93% of the company's stock.

Insider Buying and Selling at Phillips 66

In related news, Director Michael A. Heim acquired 1,000 shares of the 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 transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the transaction, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 9,850 shares of company stock valued at $1,188,910. Corporate insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research note on Wednesday, June 18th. Wells Fargo & Company decreased their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Scotiabank reissued a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a report on Friday, July 11th. Piper Sandler raised their price target on Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a research report on Thursday, September 11th. Finally, Mizuho boosted their price target on Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a report on Monday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $138.94.

Phillips 66 Stock Down 1.5%

NYSE PSX traded down $1.96 during trading hours on Friday, hitting $129.39. The company's stock had a trading volume of 9,244,717 shares, compared to its average volume of 2,133,701. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $52.29 billion, a PE ratio of 31.10, a price-to-earnings-growth ratio of 1.86 and a beta of 1.15. The company's 50-day simple moving average is $127.04 and its two-hundred day simple moving average is $119.78. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last released 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 net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same period in the previous year, the business earned $2.31 EPS. Research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

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.