Hilltop Holdings Inc. Lowers Position in Phillips 66 $PSX

Key Points

• Hilltop Holdings cut its Phillips 66 stake by 64.5% in the first quarter, reducing its holdings to 6,849 shares worth about $1.25 million.
• Phillips 66 reported Q1 EPS of $0.49, beating analyst estimates, though revenue of $32.54 billion came in below expectations. The company also posted a 6.9% year-over-year revenue increase.
• The company declared a quarterly dividend of $1.27 per share, and analysts currently rate the stock a Moderate Buy with a consensus target price of $200.44.

Hilltop Holdings Inc. lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 64.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,849 shares of the oil and gas company's stock after selling 12,469 shares during the quarter. Hilltop Holdings Inc.'s holdings in Phillips 66 were worth $1,248,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PSX. Keebeck Wealth Management purchased a new stake in Phillips 66 in the first quarter valued at approximately $396,000. Volterra Technologies LP purchased a new position in Phillips 66 in the 1st quarter worth approximately $598,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Phillips 66 in the 1st quarter worth $145,107,000. State of Wyoming increased its holdings in shares of Phillips 66 by 182.6% in the 1st quarter. State of Wyoming now owns 4,833 shares of the oil and gas company's stock worth $880,000 after buying an additional 3,123 shares during the last quarter. Finally, Cetera Investment Advisers raised its position in shares of Phillips 66 by 8.5% during the 1st quarter. Cetera Investment Advisers now owns 258,194 shares of the oil and gas company's stock valued at $47,038,000 after buying an additional 20,322 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Down 0.0%

Shares of PSX opened at $206.94 on Friday. The firm has a market cap of $82.97 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.17 and a beta of 0.69. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a fifty-two week low of $118.07 and a fifty-two week high of $216.08. The firm has a 50 day moving average price of $182.54 and a 200-day moving average price of $168.28.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the firm earned ($0.90) EPS. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities research analysts forecast that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio is presently 50.05%.

Insider Activity

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have sold 41,021 shares of company stock valued at $7,195,257. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Wolfe Research increased their target price on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. Morgan Stanley raised their price target on Phillips 66 from $180.00 to $196.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Weiss Ratings lowered Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Finally, Zacks Research cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. One research 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 stock. According to data from MarketBeat, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus target price of $200.44.

About Phillips 66

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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