Phillips 66 $PSX Shares Sold by Miller Howard Investments Inc. NY

Key Points

• Miller Howard Investments Inc. trimmed its position in Phillips 66 by 0.7%, holding now 283,518 shares worth approximately $33.8 million after a slight sell-off.
• Major institutional investors, including Elliott Investment Management and GAMMA Investing, significantly increased their stakes in Phillips 66, with Elliott raising its position by an impressive 1,929%.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, translating to a 3.7% yield after a payout ratio of 115.38%.

Miller Howard Investments Inc. NY trimmed its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 283,518 shares of the oil and gas company's stock after selling 2,048 shares during the period. Miller Howard Investments Inc. NY owned approximately 0.07% of Phillips 66 worth $33,824,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Elliott Investment Management L.P. lifted its stake in Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after buying an additional 682,459 shares during the period. Invesco Ltd. boosted its stake in Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Phillips 66 by 11.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after purchasing an additional 377,132 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock valued at $383,197,000 after buying an additional 100,321 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of research analyst reports. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Morgan Stanley upped their price target on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. Jefferies Financial Group boosted their target price on Phillips 66 from $130.00 to $133.00 and gave the stock a "hold" rating in a report on Monday, September 15th. Piper Sandler boosted their price target on shares of Phillips 66 from $144.00 to $154.00 and gave the company a "neutral" rating in a report on Thursday, September 11th. Finally, Bank of America cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their target price for the company from $144.00 to $147.00 in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $138.94.

Insider Buying and Selling

In other news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $135.00, for a total value of $593,055.00. Following the transaction, the executive vice president owned 38,980 shares of the company's stock, valued at $5,262,300. The trade was a 10.13% decrease in their position. The disclosure for this sale can be found here. Insiders have purchased 9,850 shares of company stock valued at $1,188,910 over the last three months. 0.22% of the stock is owned by insiders.

Phillips 66 Trading Down 1.5%

Shares of PSX traded down $1.96 on Friday, hitting $129.39. 9,244,717 shares of the stock traded hands, compared to its average volume of 2,133,701. The stock's 50 day moving average is $127.04 and its two-hundred day moving average is $119.78. The firm has a market capitalization of $52.29 billion, a P/E ratio of 31.10, a P/E/G ratio of 1.86 and a beta of 1.15. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last released its 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. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same period in the prior year, the firm posted $2.31 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's payout ratio 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.