Flputnam Investment Management Co. Sells 2,263 Shares of Phillips 66 $PSX

Key Points

• Flputnam Investment Management Co. reduced its holdings in Phillips 66 by 46.5%, selling 2,263 shares to own 2,600 shares valued at $321,000 at the end of the last reporting period.
• Several institutional investors significantly increased their stakes in Phillips 66, with Wealth Enhancement Advisory Services LLC raising its holdings by 20.3% during the same quarter.
• Phillips 66 reported quarterly earnings of $2.38 per share, surpassing analysts' expectations, and recently declared a quarterly dividend of $1.20 per share, yielding 3.7%.

Flputnam Investment Management Co. decreased its position in Phillips 66 (NYSE:PSX - Free Report) by 46.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,600 shares of the oil and gas company's stock after selling 2,263 shares during the quarter. Flputnam Investment Management Co.'s holdings in Phillips 66 were worth $321,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC grew its holdings in shares of 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 during the last quarter. Alta Advisers Ltd bought a new stake in shares of Phillips 66 in the 1st quarter worth about $253,000. Evergreen Wealth Solutions LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth about $292,000. Sustainable Insight Capital Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth about $1,457,000. Finally, Advisory Resource Group grew its holdings in shares of Phillips 66 by 6.8% in the 1st quarter. Advisory Resource Group now owns 256,327 shares of the oil and gas company's stock worth $31,651,000 after purchasing an additional 16,300 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

PSX has been the topic of several analyst reports. Evercore ISI initiated coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price on the stock. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and upped their target price for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a report on Wednesday, June 18th. Piper Sandler reissued a "neutral" rating and set a $145.00 price objective (up previously from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. Finally, UBS Group increased their price objective on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus price target of $135.60.

Phillips 66 Stock Performance

Phillips 66 stock opened at $130.64 on Thursday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60. The company has a market cap of $52.80 billion, a PE ratio of 31.40, a PEG ratio of 1.81 and a beta of 1.15. The company's 50-day moving average is $125.79 and its two-hundred day moving average is $119.47.

Phillips 66 (NYSE:PSX - Get Free Report) last released its 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 company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same period in the prior year, the company posted $2.31 EPS. Equities analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's dividend payout ratio is presently 115.38%.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction on Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. Insiders own 0.22% of the company's stock.

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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