Empowered Funds LLC Sells 42,948 Shares of Phillips 66 $PSX

Key Points

• Empowered Funds LLC cut its Phillips 66 stake by 25.9% in the first quarter, selling 42,948 shares and retaining 122,663 shares valued at approximately $22.3 million.
• Phillips 66 reported quarterly EPS of $0.49, significantly exceeding the $0.54-per-share loss analysts expected, while revenue rose 6.9% year over year to $32.54 billion.
• The company declared a quarterly dividend of $1.27 per share, equal to $5.08 annually and a 2.5% yield; analysts maintain a “Moderate Buy” consensus with a $201.72 price target.

Empowered Funds LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 25.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 122,663 shares of the oil and gas company's stock after selling 42,948 shares during the quarter. Empowered Funds LLC's holdings in Phillips 66 were worth $22,347,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Encompass Capital Advisors LLC bought a new position in Phillips 66 during the 1st quarter valued at about $55,510,000. Energy Income Partners LLC grew its stake in Phillips 66 by 443.7% during the first quarter. Energy Income Partners LLC now owns 73,405 shares of the oil and gas company's stock worth $13,373,000 after buying an additional 59,904 shares during the last quarter. KCM Investment Advisors LLC grew its stake in Phillips 66 by 10.1% during the first quarter. KCM Investment Advisors LLC now owns 5,063 shares of the oil and gas company's stock worth $922,000 after buying an additional 463 shares during the last quarter. Quantinno Capital Management LP increased its holdings in shares of Phillips 66 by 9.9% during the first quarter. Quantinno Capital Management LP now owns 294,580 shares of the oil and gas company's stock worth $53,667,000 after buying an additional 26,428 shares in the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in shares of Phillips 66 during the first quarter worth approximately $234,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Down 0.9%

Shares of NYSE PSX opened at $206.03 on Wednesday. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $216.08. The company has a market cap of $82.60 billion, a PE ratio of 20.30, a P/E/G ratio of 0.17 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The company has a 50-day moving average of $183.56 and a two-hundred day moving average of $169.46.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the business earned ($0.90) earnings per share. Phillips 66's quarterly revenue was up 6.9% on a year-over-year basis. As a group, equities analysts expect that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66's payout ratio is 50.05%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PSX. Zacks Research downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Citigroup lifted their price objective on Phillips 66 from $183.00 to $204.00 and gave the company a "neutral" rating in a research report on Tuesday, July 14th. Jefferies Financial Group lifted their price objective on Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research report on Thursday, July 9th. Finally, Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their price objective for the stock from $170.00 to $212.00 in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $201.72.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers bought 175 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have sold 45,107 shares of company stock valued at $8,057,584. 0.40% of the stock is currently owned by corporate insiders.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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