Manning & Napier Advisors LLC Lowers Stock Holdings in Phillips 66 (NYSE:PSX)

Manning & Napier Advisors LLC reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 108,156 shares of the oil and gas company's stock after selling 6,979 shares during the quarter. Manning & Napier Advisors LLC's holdings in Phillips 66 were worth $13,355,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PSX. J.Safra Asset Management Corp purchased a new position in Phillips 66 in the 4th quarter valued at $25,000. Pacific Center for Financial Services purchased a new stake in shares of Phillips 66 in the fourth quarter valued at about $27,000. Graney & King LLC purchased a new stake in shares of Phillips 66 in the fourth quarter valued at about $28,000. Wood Tarver Financial Group LLC purchased a new stake in Phillips 66 in the 4th quarter valued at approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in Phillips 66 in the 1st quarter valued at approximately $29,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director now owns 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the company'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 completion of the transaction, the executive vice president now owns 56,838 shares in the company, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PSX shares. Mizuho lifted their price objective on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Morgan Stanley decreased their price target on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating on the stock in a research note on Thursday, April 24th. Tudor Pickering downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. UBS Group decreased their target price on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Compass Point assumed coverage on shares of Phillips 66 in a research report on Wednesday. They set a "buy" rating on the stock. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $133.93.

Phillips 66 Price Performance

Phillips 66 stock opened at $124.87 on Friday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The firm has a market capitalization of $50.88 billion, a PE ratio of 28.44, a P/E/G ratio of 1.94 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The firm's 50-day simple moving average is $112.45 and its 200 day simple moving average is $117.14.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The company had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same period in the previous year, the company posted $1.90 EPS. On average, equities research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $1.20 dividend. This is an increase from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 3.84%. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66's dividend payout ratio is currently 109.34%.

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.

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