Heritage Trust Co Boosts Position in Phillips 66 (NYSE:PSX)

Key Points

• Heritage Trust Co increased its holdings in Phillips 66 by 5.9%, acquiring an additional 2,207 shares, bringing their total ownership to 39,907 shares valued at approximately $4.93 million.
• Numerous hedge funds have also significantly increased their positions in Phillips 66, including Price T Rowe Associates Inc., which raised its stake by 283.5% during the fourth quarter.
• Phillips 66 announced a quarterly dividend of $1.20 per share, reflecting an annualized yield of 4.0%, with a payout ratio currently at 115.38%.

Heritage Trust Co boosted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 39,907 shares of the oil and gas company's stock after acquiring an additional 2,207 shares during the quarter. Heritage Trust Co's holdings in Phillips 66 were worth $4,928,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in Phillips 66 by 283.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Northern Trust Corp increased its position in Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after buying an additional 440,107 shares in the last quarter. Invesco Ltd. increased its position in Phillips 66 by 9.2% in the fourth quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company's stock worth $468,551,000 after buying an additional 347,905 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Phillips 66 by 9.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,014,113 shares of the oil and gas company's stock worth $457,257,000 after buying an additional 357,705 shares in the last quarter. Finally, Deutsche Bank AG increased its position in Phillips 66 by 9.7% in the fourth quarter. Deutsche Bank AG now owns 2,579,365 shares of the oil and gas company's stock worth $293,867,000 after buying an additional 227,095 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Activity at Phillips 66

In related news, Director Robert W. Pease acquired 439 shares of the firm's stock in a transaction on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director directly owned 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were bought 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 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 disclosure for this purchase can be found here. Insiders purchased 1,939 shares of company stock valued at $237,725 in the last 90 days. 0.22% of the stock is currently owned by insiders.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $119.59 on Friday. The stock has a 50 day moving average of $122.41 and a 200 day moving average of $118.89. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.85. The firm has a market cap of $48.33 billion, a PE ratio of 28.75, a PEG ratio of 1.63 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.88 and a debt-to-equity ratio of 0.60.

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

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.0%. Phillips 66's dividend payout ratio is presently 115.38%.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of analyst reports. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target for the company. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Barclays upped their price target on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. TD Cowen upped their price target on Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Morgan Stanley upped their price target on Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $136.13.

Phillips 66 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.

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