Korea Investment CORP Has $29.68 Million Position in Phillips 66 $PSX

Key Points

• Korea Investment CORP reduced its stake in Phillips 66 by 12.5%, selling 34,190 shares and retaining approximately 240,334 shares, valued at about $29.7 million.
• Phillips 66 reported earnings of $2.38 EPS for the last quarter, exceeding analyst estimates of $1.79, and had a net revenue of $33.77 billion, surpassing expectations of $32.11 billion.
• The company announced a quarterly dividend of $1.20 per share to be paid on September 2nd, resulting in an annualized yield of 3.9%.

Korea Investment CORP lessened its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 240,334 shares of the oil and gas company's stock after selling 34,190 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Phillips 66 worth $29,676,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Forum Financial Management LP increased its stake in Phillips 66 by 1.0% during the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock valued at $853,000 after buying an additional 77 shares during the period. CWC Advisors LLC. boosted its holdings in shares of Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock valued at $1,110,000 after acquiring an additional 92 shares in the last quarter. Hager Investment Management Services LLC increased its stake in shares of Phillips 66 by 7.2% during the first quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock valued at $178,000 after acquiring an additional 96 shares during the period. Golden State Wealth Management LLC raised its holdings in Phillips 66 by 14.4% during the first quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after purchasing an additional 97 shares in the last quarter. Finally, Lantern Wealth Advisors LLC lifted its position in Phillips 66 by 4.7% in the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company's stock worth $253,000 after purchasing an additional 99 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In related news, Director Sigmund L. Cornelius purchased 500 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the purchase, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. The trade was a 9.20% decrease in their position. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 over the last 90 days. 0.22% of the stock is currently owned by insiders.

Phillips 66 Stock Up 4.3%

NYSE PSX traded up $5.3520 during trading on Friday, reaching $129.8020. 2,674,005 shares of the company's stock were exchanged, compared to its average volume of 2,228,690. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. The company's fifty day simple moving average is $124.31 and its 200-day simple moving average is $119.02. The firm has a market capitalization of $52.46 billion, a PE ratio of 31.20, a P/E/G ratio of 1.76 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results 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. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate 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 in the prior year, the company earned $2.31 EPS. Sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66's payout ratio is currently 115.38%.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research analyst reports. Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target on the stock. TD Cowen raised their target price on Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Wells Fargo & Company dropped their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and raised their price objective for the company from $126.00 to $130.00 in a research report on Wednesday, July 16th. Finally, UBS Group lifted their price objective on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average price target of $136.20.

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.