LSV Asset Management Lowers Holdings in Phillips 66 (NYSE:PSX)

Key Points

• LSV Asset Management reduced its stake in Phillips 66 by 11.9%, holding 1,514,526 shares worth approximately $187 million as of the latest SEC filing.
• Phillips 66 reported an EPS of $2.38 for the last quarter, surpassing analysts' estimates and showing a revenue of $33.77 billion against a forecast of $32.11 billion.
• The company announced a quarterly dividend of $1.20 per share, with a current dividend yield of 4.0%, despite a payout ratio of 115.38%.

LSV Asset Management lessened its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 11.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,514,526 shares of the oil and gas company's stock after selling 204,290 shares during the quarter. LSV Asset Management owned about 0.37% of Phillips 66 worth $187,014,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of PSX. Brighton Jones LLC increased its holdings in shares of 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 worth $1,166,000 after purchasing an additional 7,214 shares during the period. Clearbridge Investments LLC increased its holdings in Phillips 66 by 1.6% during the 4th quarter. Clearbridge Investments LLC now owns 33,517 shares of the oil and gas company's stock valued at $3,819,000 after purchasing an additional 534 shares during the period. Headlands Technologies LLC purchased a new position in shares of Phillips 66 during the fourth quarter valued at about $178,000. Massachusetts Financial Services Co. MA raised its position in shares of Phillips 66 by 4.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,107,397 shares of the oil and gas company's stock worth $126,166,000 after acquiring an additional 43,238 shares in the last quarter. Finally, Nicolet Advisory Services LLC grew its position in shares of Phillips 66 by 3.0% in the 4th quarter. Nicolet Advisory Services LLC now owns 7,507 shares of the oil and gas company's stock worth $855,000 after buying an additional 218 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Evercore ISI started coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. Mizuho boosted their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Morgan Stanley boosted their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. Finally, Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 presently has an average rating of "Hold" and a consensus target price of $136.20.

Insider Activity

In other news, Director Robert W. Pease acquired 439 shares of Phillips 66 stock in a transaction on Thursday, May 22nd. The stock was bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the purchase, the director owned 4,091 shares in the company, valued at $465,760.35. This represents a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction on 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 completion of the sale, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. Insiders acquired 1,939 shares of company stock worth $237,725 over the last three months. Company insiders own 0.22% of the company's stock.

Phillips 66 Trading Up 1.6%

Phillips 66 stock traded up $1.86 during midday trading on Monday, reaching $121.46. 2,102,205 shares of the stock traded hands, compared to its average volume of 2,762,663. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.85. The company has a 50-day simple moving average of $122.41 and a two-hundred day simple moving average of $118.89. The firm has a market cap of $49.08 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.63 and a beta of 1.09. 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 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. During the same quarter last year, the company earned $2.31 EPS. Research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

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.