Phillips 66 $PSX Holdings Trimmed by Stack Financial Management Inc

Key Points

• Stack Financial Management Inc reduced its holdings in Phillips 66 by 1.0%, now owning 221,856 shares, which represent 2.3% of its portfolio.
• Several institutional investors significantly increased their positions in Phillips 66, with Elliott Investment Management raising its stake by 1,929.0%, now holding 15.7 million shares worth nearly $1.94 billion.
• Phillips 66 recently declared a $1.20 quarterly dividend with a yield of 3.8%, indicating a payout ratio of 115.38% as of the latest quarter.

Stack Financial Management Inc lowered its holdings in Phillips 66 (NYSE:PSX - Free Report) by 1.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,856 shares of the oil and gas company's stock after selling 2,276 shares during the period. Phillips 66 makes up 2.3% of Stack Financial Management Inc's portfolio, making the stock its 14th biggest position. Stack Financial Management Inc owned about 0.05% of Phillips 66 worth $26,467,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Elliott Investment Management L.P. raised its position in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares during the period. Valeo Financial Advisors LLC grew its stake in Phillips 66 by 9,530.9% during the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company's stock valued at $172,564,000 after acquiring an additional 1,431,450 shares in the last quarter. Nuveen LLC acquired a new position in shares of Phillips 66 in the 1st quarter valued at about $156,482,000. Price T Rowe Associates Inc. MD lifted its position 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 purchasing an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in shares of Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $127.01 on Monday. The firm has a market capitalization of $51.33 billion, a PE ratio of 30.53, a PEG ratio of 1.86 and a beta of 1.11. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The firm's fifty day simple moving average is $129.51 and its 200 day simple moving average is $120.56.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.79 by $0.59. The company 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 company earned $2.31 earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current 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 $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.8%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66's payout ratio is currently 115.38%.

Insiders Place Their Bets

In related news, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director directly owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 9,850 shares of company stock valued at $1,188,910 in the last three months. 0.22% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have issued reports on PSX. Barclays increased their target price 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. Morgan Stanley lifted their price objective on Phillips 66 from $128.00 to $140.00 and gave the company an "equal weight" rating in a research report on Friday, October 3rd. Bank of America lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their price target for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Mizuho upped their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the stock a "neutral" rating in a report on Monday, September 15th. Finally, Jefferies Financial Group raised their target price on Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the company. Based on data from MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and an average target price of $140.75.

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.

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