Gallagher Capital Advisors LLC Cuts Stock Holdings in Phillips 66 $PSX

Key Points

• Gallagher Capital Advisors sharply cut its Phillips 66 stake by 94.8% in Q1, selling 33,989 shares and leaving just 1,868 shares valued at about $340,000.
• Insider activity was mixed but leaned toward selling: CFO Kevin J. Mitchell sold 11,021 shares in a pre-arranged trading plan, while insiders sold a total of 41,021 shares over the last 90 days.
• Phillips 66 reported quarterly EPS of $0.49, beating estimates, and also declared a quarterly dividend of $1.27 per share, implying a 2.6% yield.

Gallagher Capital Advisors LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 94.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,868 shares of the oil and gas company's stock after selling 33,989 shares during the quarter. Gallagher Capital Advisors LLC's holdings in Phillips 66 were worth $340,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PSX. MUFG Securities EMEA plc grew its holdings in Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock worth $2,131,000 after acquiring an additional 8,783 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Phillips 66 by 17.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company's stock valued at $177,018,000 after acquiring an additional 199,646 shares during the last quarter. Truist Financial Corp boosted its holdings in shares of Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company's stock worth $87,113,000 after purchasing an additional 10,585 shares during the period. Horizon Investments LLC grew its stake in shares of Phillips 66 by 478.4% in the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company's stock worth $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Finally, Royal Fund Management LLC grew its stake in shares of Phillips 66 by 20.6% in the fourth quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company's stock worth $6,958,000 after purchasing an additional 9,214 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 41,021 shares of company stock worth $7,195,257 over the last ninety days. Insiders own 0.40% of the company's stock.

Phillips 66 Trading Down 2.7%

PSX opened at $195.94 on Thursday. 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 has a 52 week low of $118.07 and a 52 week high of $201.65. The stock has a market cap of $78.56 billion, a PE ratio of 19.30, a PEG ratio of 0.26 and a beta of 0.69. The business has a 50 day moving average of $177.66 and a 200-day moving average of $164.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion for 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 for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.90) earnings per share. Equities research analysts predict that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.6%. Phillips 66's dividend payout ratio is currently 50.05%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Barclays upped their price target on Phillips 66 from $177.00 to $183.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Tudor Pickering upgraded Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Citigroup upped their target price on Phillips 66 from $183.00 to $204.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Weiss Ratings lowered Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $196.06.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 continues to attract constructive analyst coverage, with recent price targets ranging from the high $180s to above $200, suggesting Wall Street still sees meaningful upside from current levels. Article Title
• Positive Sentiment: The company’s refining operations are still being viewed as a long-term strength, helped by low-cost crude access and an efficient network that could benefit if fuel demand and crack spreads improve. Article Title
• Positive Sentiment: Phillips 66 also has a recent quarterly dividend of $1.27 per share, underscoring continued cash-return strength for income-focused investors. Article Title

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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