Great Lakes Advisors LLC Has $29.67 Million Stake in Phillips 66 $PSX

Key Points

• Great Lakes Advisors LLC decreased its stake in Phillips 66 by 21.6%, owning approximately $29.67 million worth of shares after selling 67,344 shares in Q1.
• Several hedge funds adjusted their positions, with notable increases from Hamilton Capital LLC (8.4%) and Goldman Sachs Group Inc. (11.1%).
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, representing a yield of 3.7% with a payout ratio of 115.38%.

Great Lakes Advisors LLC lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 21.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 243,804 shares of the oil and gas company's stock after selling 67,344 shares during the period. Great Lakes Advisors LLC owned approximately 0.06% of Phillips 66 worth $29,669,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Hamilton Capital LLC boosted its stake in Phillips 66 by 8.4% during the 1st quarter. Hamilton Capital LLC now owns 2,570 shares of the oil and gas company's stock valued at $317,000 after purchasing an additional 199 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in shares of Phillips 66 by 10.3% in the 1st quarter. Ashton Thomas Private Wealth LLC now owns 35,186 shares of the oil and gas company's stock worth $4,345,000 after buying an additional 3,296 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Phillips 66 by 11.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after buying an additional 377,132 shares during the last quarter. Kestra Investment Management LLC boosted its stake in shares of Phillips 66 by 1,142.6% in the 1st quarter. Kestra Investment Management LLC now owns 584 shares of the oil and gas company's stock worth $72,000 after buying an additional 537 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake in shares of Phillips 66 by 247.3% in the 1st quarter. Jones Financial Companies Lllp now owns 119,134 shares of the oil and gas company's stock worth $14,711,000 after buying an additional 84,831 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PSX. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Evercore ISI began coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price on the stock. Barclays boosted their target price on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Finally, Raymond James Financial set a $142.00 target price on Phillips 66 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $135.60.

Insider Activity

In related news, Director Michael A. Heim bought 1,000 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were purchased at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Hayes bought 8,350 shares of the company's stock in a transaction on Thursday, August 14th. The shares were bought at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the transaction, the director owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have 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 Trading Down 0.1%

NYSE:PSX opened at $131.44 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $53.12 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The firm's 50 day moving average is $126.26 and its 200 day moving average is $119.34. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the firm posted $2.31 EPS. Sell-side analysts expect 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 issued a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's payout ratio is presently 115.38%.

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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