Maryland State Retirement & Pension System Has $2.38 Million Holdings in Phillips 66 (NYSE:PSX)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Phillips 66 by 12.5%, owning 19,298 shares worth approximately $2.38 million after selling 2,745 shares in the 1st quarter.
• Insider trades were notable, with Director Robert W. Pease acquiring 439 shares while EVP Brian Mandell sold 9,800 shares, reflecting changes in ownership of the stock.
• Phillips 66 reported strong quarterly earnings, with an EPS of $2.38, surpassing analysts' estimates and generating $33.77 billion in revenue for the quarter.

Maryland State Retirement & Pension System trimmed its stake in Phillips 66 (NYSE:PSX - Free Report) by 12.5% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 19,298 shares of the oil and gas company's stock after selling 2,745 shares during the quarter. Maryland State Retirement & Pension System's holdings in Phillips 66 were worth $2,383,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. von Borstel & Associates Inc. bought a new stake in Phillips 66 in the first quarter valued at $27,000. Olde Wealth Management LLC acquired a new position in shares of Phillips 66 during the first quarter valued at $28,000. Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 during the first quarter valued at $29,000. Pacific Center for Financial Services acquired a new position in shares of Phillips 66 during the fourth quarter valued at $27,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Phillips 66 during the first quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors.

Insider Transactions at Phillips 66

In related 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 purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the purchase, the director owned 4,091 shares of the company's stock, valued at $465,760.35. This trade represents a 12.02% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Michael A. Heim purchased 1,000 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the purchase, the director directly owned 12,043 shares in the company, valued at $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 1,939 shares of company stock worth $237,725 in the last three months. Insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PSX. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a report on Wednesday, June 18th. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Tudor Pickering lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Piper Sandler reissued a "neutral" rating and set a $145.00 price target (up from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $136.20.

Phillips 66 Trading Up 0.8%

PSX traded up $0.91 during trading on Wednesday, reaching $120.95. The company had a trading volume of 720,862 shares, compared to its average volume of 3,377,424. The firm's 50-day simple moving average is $123.25 and its 200 day simple moving average is $118.87. The company has a market cap of $48.88 billion, a price-to-earnings ratio of 29.05, a PEG ratio of 1.63 and a beta of 1.09. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.85. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analysts' expectations 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 last year, the business posted $2.31 EPS. Equities research analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

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 $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.0%. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

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.