Carnegie Investment Counsel Purchases 4,686 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Carnegie Investment Counsel increased its stake in Phillips 66 by 21.9%, owning a total of 26,060 shares valued at approximately $3.2 million following the purchase.
• Phillips 66 plans to pay a $1.20 quarterly dividend on September 2nd, which translates to an annualized dividend of $4.80 and a yield of 3.84%.
• Market analysts maintain a consensus price target of $135.20 for Phillips 66, with nine analysts rating it as a buy and ten as a hold.

Carnegie Investment Counsel increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 21.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,060 shares of the oil and gas company's stock after purchasing an additional 4,686 shares during the quarter. Carnegie Investment Counsel's holdings in Phillips 66 were worth $3,218,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in Phillips 66 by 1.0% during the 4th 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 lifted its position in Phillips 66 by 283.5% during the 4th 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 shares of Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock valued at $522,834,000 after purchasing an additional 440,107 shares in the last quarter. Norges Bank acquired a new position in shares of Phillips 66 in the 4th quarter valued at approximately $497,648,000. Finally, Invesco Ltd. raised its position in shares of 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 valued at $468,551,000 after purchasing an additional 347,905 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded up $2.22 during trading on Monday, hitting $127.19. The stock had a trading volume of 731,801 shares, compared to its average volume of 3,474,694. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The firm has a market cap of $51.82 billion, a P/E ratio of 30.57, a PEG ratio of 1.82 and a beta of 1.02. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.23 and a quick ratio of 0.88. The business has a fifty day moving average of $121.55 and a two-hundred day moving average of $118.62.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.86% and a net margin of 1.27%. The business 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 business posted $2.31 earnings per share. On average, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.77%. The ex-dividend date is Tuesday, August 19th. Phillips 66's payout ratio is currently 115.38%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their position. The sale was disclosed in a legal 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 firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the sale, the executive vice president owned 43,373 shares of the company's stock, valued at $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSX. UBS Group cut their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company cut their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. JPMorgan Chase & Co. set a $115.00 price target on Phillips 66 in a research 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 research report on Tuesday, July 15th. Finally, Citigroup lowered Phillips 66 from a "buy" rating to a "neutral" rating and upped their price target for the company from $126.00 to $130.00 in a research report on Wednesday, July 16th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $136.13.

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.