Kentucky Retirement Systems Insurance Trust Fund lessened its holdings in Phillips 66 (NYSE:PSX - Free Report) by 43.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,005 shares of the oil and gas company's stock after selling 9,226 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund's holdings in Phillips 66 were worth $1,482,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. raised its stake in shares of Phillips 66 by 10.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company's stock valued at $5,349,000 after acquiring an additional 4,515 shares during the last quarter. Cohen & Steers Inc. increased its holdings in Phillips 66 by 40.3% in the fourth quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock valued at $10,443,000 after purchasing an additional 26,318 shares during the period. American Assets Investment Management LLC raised its position in Phillips 66 by 2.3% during the 4th quarter. American Assets Investment Management LLC now owns 130,800 shares of the oil and gas company's stock worth $14,902,000 after purchasing an additional 3,000 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Phillips 66 during the 4th quarter worth about $168,790,000. Finally, Bank OZK grew its position in shares of Phillips 66 by 30.2% in the 4th quarter. Bank OZK now owns 10,855 shares of the oil and gas company's stock valued at $1,237,000 after buying an additional 2,521 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. UBS Group lowered their price objective on Phillips 66 from $144.00 to $140.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Raymond James Financial dropped their price target on shares of Phillips 66 from $150.00 to $140.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Mizuho boosted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $133.93.
Read Our Latest Analysis on PSX
Insider Buying and Selling at Phillips 66
In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director now owns 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president now owns 56,838 shares of the company's stock, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by company insiders.
Phillips 66 Stock Up 0.4%
Shares of PSX traded up $0.47 during trading hours on Thursday, hitting $120.10. The stock had a trading volume of 3,064,099 shares, compared to its average volume of 3,100,100. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market capitalization of $48.93 billion, a P/E ratio of 27.36, a price-to-earnings-growth ratio of 1.86 and a beta of 1.02. The firm has a 50 day simple moving average of $114.26 and a 200-day simple moving average of $116.97. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period last year, the business posted $1.90 EPS. Sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.
Phillips 66 Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a $1.20 dividend. The ex-dividend date of this dividend was Monday, May 19th. This represents a $4.80 annualized dividend and a yield of 4.00%. This is an increase from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's dividend payout ratio (DPR) is presently 109.34%.
Phillips 66 Profile
(
Free Report)
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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