First Financial Bankshares Inc Sells 8,179 Shares of Phillips 66 $PSX

Key Points

• First Financial Bankshares Inc reduced its Phillips 66 stake by 22.1% in the fourth quarter, selling 8,179 shares and leaving it with 28,842 shares valued at about $3.72 million.
• Phillips 66 reported better-than-expected earnings of $0.49 per share for the quarter, though revenue of $32.54 billion came in below analyst estimates. Revenue still increased 6.9% year over year.
• The company continues to return cash to shareholders, having paid a quarterly dividend of $1.27 per share, which works out to an annualized yield of 2.9%.

First Financial Bankshares Inc cut its position in Phillips 66 (NYSE:PSX - Free Report) by 22.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,842 shares of the oil and gas company's stock after selling 8,179 shares during the quarter. First Financial Bankshares Inc's holdings in Phillips 66 were worth $3,722,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Board of the Pension Protection Fund bought a new stake in shares of Phillips 66 during the 4th quarter valued at $26,000. Accordant Advisory Group Inc raised its stake in shares of Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC bought a new stake in shares of Phillips 66 during the 4th quarter valued at $27,000. Stephens Consulting LLC raised its stake in shares of Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares during the period. Finally, Dorato Capital Management bought a new stake in shares of Phillips 66 during the 4th quarter valued at $35,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Performance

NYSE:PSX opened at $178.23 on Friday. The business's 50-day moving average price is $172.41 and its two-hundred day moving average price is $157.59. Phillips 66 has a twelve month low of $118.00 and a twelve month high of $190.61. The stock has a market cap of $71.46 billion, a P/E ratio of 17.56, a PEG ratio of 0.27 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same quarter last year, the firm posted ($0.90) EPS. The company's revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. Phillips 66's dividend payout ratio (DPR) is presently 50.05%.

Analyst Ratings Changes

A number of analysts recently issued reports on PSX shares. Mizuho upgraded Phillips 66 from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Barclays boosted their price objective on Phillips 66 from $158.00 to $177.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 8th. Morgan Stanley reiterated an "overweight" rating and set a $180.00 price objective on shares of Phillips 66 in a research note on Thursday, April 30th. The Goldman Sachs Group boosted their price objective on Phillips 66 from $192.00 to $207.00 and gave the company a "neutral" rating in a research note on Tuesday, May 19th. Finally, Jefferies Financial Group boosted their price objective on Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a research note on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $191.44.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the firm's stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at $16,705,826.56. This trade represents a 0.61% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents 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 ninety days, insiders sold 45,629 shares of company stock worth $8,071,540. Insiders own 0.40% of the company's stock.

Phillips 66 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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