Phillips 66 (NYSE:PSX) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. trimmed its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 18.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 261,578 shares of the oil and gas company's stock after selling 60,787 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Phillips 66 worth $32,300,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Phillips 66 by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock valued at $968,844,000 after acquiring an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Phillips 66 by 283.5% during 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 purchasing an additional 4,455,220 shares during the period. Northern Trust Corp increased its holdings in shares of Phillips 66 by 10.6% during 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 purchasing an additional 440,107 shares during the period. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter worth approximately $497,648,000. Finally, Invesco Ltd. increased its holdings in shares of Phillips 66 by 9.2% during the fourth 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 during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In other news, Director Robert W. Pease acquired 439 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the completion of the acquisition, the director owned 4,091 shares of the company's stock, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction 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 sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.22% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. TD Cowen lifted their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Finally, Evercore ISI assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target for the company. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $135.20.

Phillips 66 Stock Up 0.2%

Phillips 66 stock traded up $0.27 during midday trading on Tuesday, hitting $126.32. 2,224,157 shares of the company's stock were exchanged, compared to its average volume of 3,133,613. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $150.12. The firm has a 50-day moving average of $121.35 and a two-hundred day moving average of $118.27. The company has a market cap of $51.47 billion, a PE ratio of 28.77, a P/E/G ratio of 1.95 and a beta of 1.02.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. During the same period in the prior year, the business posted $1.90 earnings per share. As a group, analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared 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 is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.80%. Phillips 66's payout ratio is 109.34%.

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.