HighTower Advisors LLC Has $45.54 Million Position in Phillips 66 (NYSE:PSX)

Key Points

• HighTower Advisors LLC has reduced its stake in Phillips 66 by 1.3%, now owning 368,763 shares valued at approximately $45.54 million.
• Institutional investors currently hold 76.93% of Phillips 66 stock, with significant increases from other hedge funds like Price T Rowe Associates and Invesco.
• Phillips 66 reported a quarterly earnings per share (EPS) of $2.38, surpassing analyst estimates by $0.59, with revenue reaching $33.77 billion.

HighTower Advisors LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 368,763 shares of the oil and gas company's stock after selling 4,862 shares during the quarter. HighTower Advisors LLC owned 0.09% of Phillips 66 worth $45,535,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its stake 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 worth $686,618,000 after acquiring an additional 4,455,220 shares in the last quarter. Invesco Ltd. raised its stake in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Northern Trust Corp increased its stake in shares of 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 valued at $522,834,000 after buying an additional 440,107 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 valued at $457,257,000 after buying an additional 357,705 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Phillips 66 by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock valued at $466,886,000 after buying an additional 377,132 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the sale, the executive vice president owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This trade represents a 9.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert W. Pease bought 439 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the transaction, the director owned 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 1,939 shares of company stock worth $237,725 in the last 90 days. Company insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Piper Sandler restated a "neutral" rating and issued a $145.00 target price (up from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Citigroup lowered Phillips 66 from a "buy" rating to a "neutral" rating and raised their target price for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Raymond James Financial set a $142.00 target price on Phillips 66 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Barclays raised their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Finally, Scotiabank restated a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research note on Friday, July 11th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $136.20.

Phillips 66 Trading Up 2.0%

NYSE PSX opened at $122.50 on Thursday. The firm has a market cap of $49.50 billion, a P/E ratio of 29.45, a P/E/G ratio of 1.65 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The stock's 50-day moving average is $123.45 and its 200-day moving average is $118.89. Phillips 66 has a one year low of $91.01 and a one year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released 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 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 quarter last year, the firm posted $2.31 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is currently 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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