Empowered Funds LLC Trims Position in Phillips 66 $PSX

Key Points

• Empowered Funds LLC reduced its stake in Phillips 66 by 8.5%, now holding 154,136 shares valued at approximately $19 million.
• Insider transactions included a significant purchase by Director Gregory Hayes of 8,350 shares, increasing his ownership by 39.62%.
• Phillips 66 reported earnings per share of $2.38, exceeding analyst expectations, and announced a quarterly dividend of $1.20 per share.

Empowered Funds LLC cut its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 8.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 154,136 shares of the oil and gas company's stock after selling 14,378 shares during the quarter. Empowered Funds LLC's holdings in Phillips 66 were worth $19,033,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the company's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares of the company's stock, valued at $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. The trade was a 9.20% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Scotiabank reaffirmed a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a report on Friday, July 11th. Compass Point assumed coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "buy" rating for the company. Morgan Stanley lifted their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a report on Wednesday, July 16th. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their target price for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Finally, Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $135.60.

Phillips 66 Price Performance

Phillips 66 stock opened at $130.14 on Tuesday. The company's fifty day moving average price is $126.47 and its 200 day moving average price is $119.35. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The stock has a market capitalization of $52.59 billion, a P/E ratio of 31.28, a P/E/G ratio of 2.05 and a beta of 1.15. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) 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 firm had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter last year, the company earned $2.31 EPS. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

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

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