Navellier & Associates Inc. Sells 7,552 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Navellier & Associates Inc. reduced its holdings in Phillips 66 by 14.3%, selling 7,552 shares and ending the quarter with 45,278 shares valued at approximately $5,591,000.
• Phillips 66 reported a quarterly earnings per share of $2.38, exceeding expectations of $1.79, and had revenues of $33.77 billion, surpassing estimated revenues of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, with a dividend payout ratio of 109.34%, indicating strong commitment to returning value to shareholders despite higher payout levels.

Navellier & Associates Inc. reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 14.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,278 shares of the oil and gas company's stock after selling 7,552 shares during the quarter. Navellier & Associates Inc.'s holdings in Phillips 66 were worth $5,591,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of PSX. Geode Capital Management LLC raised its position in Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after acquiring an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Phillips 66 by 283.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after acquiring an additional 4,455,220 shares in the last quarter. Northern Trust Corp raised its position in Phillips 66 by 10.6% in the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Norges Bank bought a new stake in Phillips 66 in the fourth quarter worth about $497,648,000. Finally, Invesco Ltd. increased its stake in Phillips 66 by 9.2% in the 4th quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company's stock worth $468,551,000 after purchasing an additional 347,905 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert W. Pease purchased 439 shares of the 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 transaction, the director directly owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.22% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PSX. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $126.00 to $130.00 in a research note on Wednesday, July 16th. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Compass Point started coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a "buy" rating on the stock. UBS Group lowered their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Mizuho lifted their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Ten investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $135.93.

Phillips 66 Stock Performance

Shares of PSX stock traded up $2.00 during trading hours on Monday, reaching $126.97. 844,801 shares of the company's stock were exchanged, compared to its average volume of 3,475,736. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The stock has a market capitalization of $51.73 billion, a P/E ratio of 30.52, a P/E/G ratio of 1.82 and a beta of 1.02. The business has a fifty day moving average price of $121.55 and a 200-day moving average price of $118.62. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63.

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 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.86% and a net margin of 1.27%. During the same period in the previous year, the company earned $2.31 earnings per share. Analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.78%. 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.