Fort Washington Investment Advisors Inc. OH Raises Position in Phillips 66 $PSX

Key Points

• Fort Washington Investment Advisors increased its Phillips 66 stake by 4.3% in the first quarter, bringing its holdings to 252,809 shares worth about $46.1 million.
• Phillips 66 reported Q1 EPS of $0.49, beating analyst expectations, though revenue of $32.54 billion came in below estimates. Revenue still rose 6.9% year over year.
• The company recently paid a $1.27 quarterly dividend, equal to an annualized yield of about 3.0%, while Wall Street maintains a Moderate Buy consensus with an average price target of $192.33.

Fort Washington Investment Advisors Inc. OH grew its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 4.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 252,809 shares of the oil and gas company's stock after acquiring an additional 10,384 shares during the period. Fort Washington Investment Advisors Inc. OH owned about 0.06% of Phillips 66 worth $46,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Vanguard Group Inc. lifted its position in Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after purchasing an additional 205,480 shares in the last quarter. State Street Corp increased its position in Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock worth $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC increased its position in Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after buying an additional 45,340 shares in the last quarter. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth about $640,206,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Phillips 66 by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company's stock worth $509,006,000 after buying an additional 89,621 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $171.84 on Friday. The company has a market capitalization of $68.90 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 0.24 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. The stock's 50-day simple moving average is $172.94 and its 200-day simple moving average is $160.01. Phillips 66 has a 52 week low of $118.00 and a 52 week high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm's revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.90) earnings per share. As a group, analysts expect that Phillips 66 will post 18.22 earnings per share 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 paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, May 18th. Phillips 66's dividend payout ratio is presently 50.05%.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent research reports. TD Cowen boosted their price objective on Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. Wolfe Research raised their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Jefferies Financial Group lifted their price target on shares of Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 27th. Finally, Tudor Pickering raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $192.33.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin J. Mitchell sold 600 shares of Phillips 66 stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 45,629 shares of company stock valued at $8,071,540. Insiders own 0.40% of the company's stock.

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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