New York State Teachers Retirement System Reduces Position in Phillips 66 $PSX

Key Points

• The New York State Teachers Retirement System has reduced its stake in Phillips 66 by 2.0%, now holding 306,379 shares valued at approximately $36.55 million.
• Phillips 66 reported a quarterly EPS of $2.38, exceeding analyst expectations of $1.79, with quarterly revenues of $33.77 billion.
• The firm declared a quarterly dividend of $1.20 per share, with a yield of 3.7%, to be paid on December 1st.

New York State Teachers Retirement System cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 306,379 shares of the oil and gas company's stock after selling 6,167 shares during the period. New York State Teachers Retirement System owned 0.08% of Phillips 66 worth $36,551,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Elliott Investment Management L.P. lifted its holdings in shares of Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after buying 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% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after buying an additional 682,459 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after buying an additional 653,248 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Phillips 66 by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after buying an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Phillips 66 by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after buying an additional 100,321 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 0.9%

Shares of NYSE PSX opened at $128.37 on Friday. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The firm's 50 day simple moving average is $130.23 and its two-hundred day simple moving average is $120.78. The stock has a market capitalization of $51.88 billion, a P/E ratio of 30.86, a PEG ratio of 1.80 and a beta of 1.11.

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, beating analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same period last year, the business earned $2.31 earnings per share. As a group, analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Monday, November 17th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction that occurred on Friday, September 26th. The shares were sold at an average price of $140.00, for a total value of $615,020.00. Following the transaction, the executive vice president owned 34,587 shares in the company, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 9,850 shares of company stock valued at $1,188,910 over the last ninety days. Insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. TD Cowen increased their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Barclays upped their price objective on shares of Phillips 66 from $127.00 to $132.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 7th. Piper Sandler upped their price objective on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. UBS Group upped their price objective on shares of Phillips 66 from $143.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, September 22nd. Finally, Morgan Stanley upped their price objective on shares of Phillips 66 from $128.00 to $140.00 and gave the stock an "equal weight" rating in a research report on Friday, October 3rd. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus target price of $140.75.

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.

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