American Century Companies Inc. Lowers Holdings in Phillips 66 $PSX

Key Points

• American Century Companies Inc. reduced its holdings in Phillips 66 by 69.7%, now owning 78,643 shares valued at approximately $9.71 million after selling 180,796 shares.
• Phillips 66 recently reported $2.38 earnings per share for the quarter, exceeding analysts' estimates of $1.79, and had a revenue of $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, equating to an annualized dividend of $4.80 and a yield of 3.7%.

American Century Companies Inc. cut its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 69.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 78,643 shares of the oil and gas company's stock after selling 180,796 shares during the period. American Century Companies Inc.'s holdings in Phillips 66 were worth $9,711,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in PSX. Nuveen LLC purchased a new position in shares of Phillips 66 during the 1st quarter worth about $156,482,000. Capitolis Liquid Global Markets LLC bought a new stake in Phillips 66 during the 4th quarter valued at about $142,185,000. GAMMA Investing LLC lifted its holdings in Phillips 66 by 14,119.5% during the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after buying an additional 1,181,240 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Phillips 66 by 157.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after buying an additional 942,922 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Phillips 66 by 15.9% during the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction dated Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president owned 43,373 shares of the company's stock, valued at approximately $5,638,490. The trade was a 9.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 9,850 shares of company stock valued at $1,188,910. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on PSX shares. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating on the stock. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a report on Wednesday, June 18th. Finally, Compass Point initiated coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $136.20.

Phillips 66 Price Performance

Shares of NYSE PSX traded up $0.86 during mid-day trading on Friday, reaching $133.69. The company's stock had a trading volume of 1,530,714 shares, compared to its average volume of 2,010,903. The stock has a 50-day moving average of $125.03 and a two-hundred day moving average of $119.33. The stock has a market capitalization of $54.03 billion, a P/E ratio of 32.14, a P/E/G ratio of 1.80 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its 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. The business had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same period in the prior year, the business earned $2.31 earnings per share. On average, equities research analysts anticipate that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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 $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

Phillips 66 Company 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.