Intech Investment Management LLC Cuts Holdings in Phillips 66 $PSX

Key Points

• Intech Investment Management LLC reduced its holdings in Phillips 66 by 35.6% in the first quarter, selling 13,986 shares and leaving them with 25,336 shares valued at approximately $3.13 million.
• Phillips 66 reported a quarterly earnings per share of $2.38, exceeding analysts' estimates of $1.79, with revenue of $33.77 billion for the quarter.
• The company declared a quarterly dividend of $1.20 per share, representing a 3.7% yield, with a payout ratio currently at 115.38%.

Intech Investment Management LLC trimmed its position in Phillips 66 (NYSE:PSX - Free Report) by 35.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,336 shares of the oil and gas company's stock after selling 13,986 shares during the period. Intech Investment Management LLC's holdings in Phillips 66 were worth $3,128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of PSX. Brighton Jones LLC boosted its stake in Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Quantinno Capital Management LP boosted its stake in Phillips 66 by 48.2% in the fourth quarter. Quantinno Capital Management LP now owns 38,665 shares of the oil and gas company's stock valued at $4,405,000 after acquiring an additional 12,567 shares in the last quarter. ProShare Advisors LLC lifted its stake in shares of Phillips 66 by 3.2% during the fourth quarter. ProShare Advisors LLC now owns 84,732 shares of the oil and gas company's stock worth $9,654,000 after buying an additional 2,664 shares during the period. Raiffeisen Bank International AG acquired a new stake in shares of Phillips 66 during the fourth quarter worth $342,000. Finally, Royal Bank of Canada lifted its stake in shares of Phillips 66 by 42.5% during the fourth quarter. Royal Bank of Canada now owns 1,497,300 shares of the oil and gas company's stock worth $170,587,000 after buying an additional 446,444 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Down 1.3%

PSX opened at $130.77 on Friday. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60. 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 fifty day moving average of $126.95 and a two-hundred day moving average of $119.55. The stock has a market capitalization of $52.85 billion, a price-to-earnings ratio of 31.44, a PEG ratio of 2.06 and a beta of 1.15.

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

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given 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 payout ratio is presently 115.38%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PSX shares. Citigroup downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Piper Sandler lifted their price objective on shares of Phillips 66 from $144.00 to $154.00 and gave the stock a "neutral" rating in a research note on Thursday. Compass Point started coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating for the company. Bank of America downgraded shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Finally, Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus price target of $136.40.

Insider Activity

In related news, EVP Brian Mandell sold 9,800 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Sigmund L. Cornelius bought 500 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 9,850 shares of company stock valued at $1,188,910 and sold 18,586 shares valued at $2,389,145. Insiders own 0.22% of the company's stock.

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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