Fayez Sarofim & Co Has $84.61 Million Stock Holdings in Phillips 66 $PSX

Key Points

• Fayez Sarofim & Co trimmed its stake in Phillips 66 by 1.2% in Q3 and now owns 622,043 shares worth $84.61 million, roughly 0.15% of the company.
• Heavy institutional activity: Vanguard increased its holdings to 46.37M shares (+14.8%), Norges Bank and Soundwatch opened large positions, and AQR and Elliott materially boosted stakes, leaving institutions with 76.93% ownership.
• Phillips 66 beat EPS expectations ($2.47 vs. $2.15), raised its quarterly dividend to $1.27 (annualized $5.08, ~2.9% yield), trades near its 1‑year high with a ~$69.3B market cap, and carries an analyst consensus of "Hold" (avg target $161.33).

Fayez Sarofim & Co decreased its stake in Phillips 66 (NYSE:PSX - Free Report) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 622,043 shares of the oil and gas company's stock after selling 7,752 shares during the period. Fayez Sarofim & Co owned about 0.15% of Phillips 66 worth $84,610,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 14.8% during the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company's stock worth $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Norges Bank acquired a new stake in shares of Phillips 66 during the 2nd quarter valued at $523,755,000. Elliott Investment Management L.P. grew its position in Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company's stock worth $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. AQR Capital Management LLC increased its holdings in Phillips 66 by 424.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after purchasing an additional 1,532,389 shares in the last quarter. Finally, Soundwatch Capital LLC acquired a new position in Phillips 66 in the 2nd quarter worth about $170,604,000. Institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Mizuho lifted their price target on Phillips 66 from $150.00 to $152.00 and gave the company a "neutral" rating in a research note on Monday, January 12th. The Goldman Sachs Group upped their price objective on Phillips 66 from $168.00 to $186.00 and gave the company a "neutral" rating in a research note on Thursday. BMO Capital Markets reiterated an "outperform" rating and set a $170.00 target price on shares of Phillips 66 in a research report on Friday, February 6th. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $162.00 to $163.00 and gave the stock an "overweight" rating in a report on Thursday, February 5th. Finally, TD Cowen restated a "buy" rating on shares of Phillips 66 in a research report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $161.33.

Phillips 66 Trading Down 0.7%

Shares of PSX stock opened at $172.85 on Monday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $178.38. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. The stock has a market cap of $69.27 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 0.60 and a beta of 0.86. The stock has a 50-day moving average of $151.43 and a 200-day moving average of $140.17.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. During the same period in the previous year, the firm earned ($0.15) earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were given a $1.27 dividend. This is an increase from Phillips 66's previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. Phillips 66's dividend payout ratio is presently 46.95%.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the sale, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares of the company's stock, valued at $6,158,080. This represents a 16.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 38,088 shares of company stock valued at $6,147,655. 0.22% of the stock is currently owned by insiders.

Phillips 66 Company Profile

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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