Gateway Investment Advisers LLC Acquires 3,604 Shares of Phillips 66 $PSX

Key Points

• Gateway Investment Advisers LLC increased its stake in Phillips 66 by 30.4%, acquiring an additional 3,604 shares, bringing its total holdings to 15,440 shares valued at approximately $1.84 million.
• Several institutional investors, including Brighton Jones LLC and Tidal Investments LLC, made significant increases in their holdings of Phillips 66 during the fourth quarter, illustrating strong institutional interest.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, which translates to an annualized dividend yield of 3.6%, despite a high dividend payout ratio of 115.38%.

Gateway Investment Advisers LLC boosted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 30.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,440 shares of the oil and gas company's stock after acquiring an additional 3,604 shares during the period. Gateway Investment Advisers LLC's holdings in Phillips 66 were worth $1,842,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the stock. Elliott Investment Management L.P. grew its holdings in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Phillips 66 during the 1st quarter valued at about $156,482,000. GAMMA Investing LLC lifted its position in Phillips 66 by 14,119.5% in the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after buying an additional 1,181,240 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after acquiring an additional 653,248 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company cut their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price target for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research note on Wednesday, June 18th. Finally, Mizuho raised their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a research report on Monday, September 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $138.94.

Phillips 66 Stock Down 1.5%

PSX traded down $1.96 on Friday, hitting $129.39. 9,244,717 shares of the company were exchanged, compared to its average volume of 2,133,701. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.60. The stock's fifty day moving average is $127.04 and its 200-day moving average is $119.78. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company has a market cap of $52.29 billion, a PE ratio of 31.10, a PEG ratio of 1.86 and a beta of 1.15.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period last year, the company posted $2.31 EPS. Equities research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were paid 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

In other news, Director Michael A. Heim purchased 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sigmund L. Cornelius purchased 500 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Company Profile

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.