Pacer Advisors Inc. Sells 27,187 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Pacer Advisors Inc. has reduced its stake in Phillips 66 by 12.9%, selling 27,187 shares in the first quarter, leaving them with 183,937 shares valued at approximately $22.71 million.
• Phillips 66 reported a quarterly earnings increase, posting $2.38 earnings per share, exceeding analysts' expectations of $1.79, along with revenues of $33.77 billion.
• The company has announced a quarterly dividend of $1.20 per share, which translates to an annualized dividend of $4.80 and a dividend yield of 3.84%.

Pacer Advisors Inc. trimmed its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 12.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 183,937 shares of the oil and gas company's stock after selling 27,187 shares during the period. Pacer Advisors Inc.'s holdings in Phillips 66 were worth $22,713,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Nicholas Wealth LLC. grew its holdings in Phillips 66 by 13.7% during the first quarter. Nicholas Wealth LLC. now owns 6,858 shares of the oil and gas company's stock valued at $847,000 after purchasing an additional 828 shares during the period. Cetera Investment Advisers grew its holdings in Phillips 66 by 9.3% during the first quarter. Cetera Investment Advisers now owns 138,417 shares of the oil and gas company's stock valued at $17,092,000 after purchasing an additional 11,771 shares during the period. Avantax Advisory Services Inc. boosted its holdings in shares of Phillips 66 by 5.4% in the first quarter. Avantax Advisory Services Inc. now owns 94,085 shares of the oil and gas company's stock valued at $11,618,000 after buying an additional 4,802 shares during the period. Brookwood Investment Group LLC acquired a new position in shares of Phillips 66 in the first quarter valued at approximately $359,000. Finally, Lifeworks Advisors LLC acquired a new position in shares of Phillips 66 in the first quarter valued at approximately $224,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Phillips 66 stock traded down $2.80 during trading hours on Wednesday, reaching $125.61. 670,587 shares of the stock were exchanged, compared to its average volume of 3,461,401. The company has a market cap of $51.18 billion, a P/E ratio of 30.19, a price-to-earnings-growth ratio of 1.85 and a beta of 1.02. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The stock has a 50 day moving average of $121.82 and a two-hundred day moving average of $118.79.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) 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 the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.86%. During the same period in the prior year, the company posted $2.31 earnings per share. Equities analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued 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 dividend yield of 3.82%. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

Insider Transactions at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares in the company, valued at $5,638,490. This trade represents a 9.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This 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.

Analyst Ratings Changes

Several research analysts have recently weighed in on PSX shares. Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. TD Cowen upped their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a report on Monday. Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target for the company. Raymond James Financial set a $142.00 price target on shares of Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Scotiabank reiterated a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Phillips 66 has a consensus rating of "Hold" and a consensus target price of $136.13.

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.