Gabelli Funds LLC trimmed its position in Phillips 66 (NYSE:PSX - Free Report) by 8.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 128,900 shares of the oil and gas company's stock after selling 11,850 shares during the quarter. Gabelli Funds LLC's holdings in Phillips 66 were worth $23,483,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. NFSG Corp lifted its position in Phillips 66 by 105.6% during the 1st quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Accordant Advisory Group Inc increased its stake in shares of Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 180 shares during the period. SWAN Capital LLC increased its stake in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock worth $27,000 after purchasing an additional 190 shares during the period. Eagle Bay Advisors LLC acquired a new position in shares of Phillips 66 during the 4th quarter worth about $27,000. Finally, Dorato Capital Management acquired a new position in shares of Phillips 66 during the 4th quarter worth about $35,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Kevin Omar Meyers bought 175 shares of the firm's stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders sold 41,021 shares of company stock valued at $7,195,257. Corporate insiders own 0.40% of the company's stock.
Analyst Ratings Changes
Several analysts recently weighed in on PSX shares. JPMorgan Chase & Co. increased their target price on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and lifted their price target for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Morgan Stanley upped their price target on Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Finally, Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Sunday. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $200.44.
Read Our Latest Report on PSX
Phillips 66 Stock Performance
PSX opened at $206.94 on Friday. The stock has a market cap of $82.97 billion, a PE ratio of 20.39, a P/E/G ratio of 0.17 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. The stock's 50 day simple moving average is $182.54 and its 200-day simple moving average is $168.28.
Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.Phillips 66's revenue was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.90) earnings per share. Sell-side analysts forecast that Phillips 66 will post 22.43 EPS for the current year.
Phillips 66 Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's payout ratio is 50.05%.
Phillips 66 Profile
(
Free Report)
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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