Phillips 66 $PSX is Torray Investment Partners LLC's 6th Largest Position

Key Points

• Torray Investment Partners cut its Phillips 66 stake by 31.7% in the first quarter, but PSX still ranks as its 6th largest position and represents about 3.8% of its portfolio.
• Phillips 66 recently announced a quarterly dividend of $1.27 per share, which supports its appeal as an income stock and implies a 2.7% annualized yield.
• Analysts remain generally constructive: several firms raised price targets, and MarketBeat says the stock carries a Moderate Buy consensus with an average target price of $193.94.

Torray Investment Partners LLC reduced its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 31.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 141,031 shares of the oil and gas company's stock after selling 65,564 shares during the quarter. Phillips 66 makes up approximately 3.8% of Torray Investment Partners LLC's portfolio, making the stock its 6th largest position. Torray Investment Partners LLC's holdings in Phillips 66 were worth $25,693,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brighton Jones LLC raised its holdings in shares of Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock worth $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Woodline Partners LP grew its stake in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after purchasing an additional 10,089 shares in the last quarter. Sei Investments Co. grew its stake in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock valued at $18,788,000 after purchasing an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after purchasing an additional 28,988 shares during the last quarter. Finally, Glenview Trust co increased its position in Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after purchasing an additional 229 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The SEC filing for this purchase provides additional information. 0.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PSX. Piper Sandler lifted their price target on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a report on Wednesday, April 8th. Citigroup increased their price objective on Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a report on Thursday, April 9th. Raymond James Financial lifted their target price on shares of Phillips 66 from $215.00 to $218.00 and gave the company an "outperform" rating in a research note on Wednesday, June 10th. Jefferies Financial Group boosted their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday. Finally, Barclays increased their price target on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an "equal weight" rating in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $193.94.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 announced a quarterly dividend of $1.27 per share, reinforcing its income appeal for investors and signaling continued shareholder returns. Phillips 66 Announces Quarterly Dividend
• Positive Sentiment: Recent commentary noted that higher crude prices and renewed Middle East tensions could support refining margins and help Phillips 66, since the company can benefit when fuel spreads remain favorable. What Do Renewed Middle East Tensions Mean for Phillips 66's Business?
• Positive Sentiment: Analysts highlighted Phillips 66 as a momentum name, and the stock has been outperforming broader market moves, which can attract additional buying interest. Why Phillips 66 (PSX) is a top momentum stock for the long term
• Neutral Sentiment: Barclays raised its price target on Phillips 66 to $183 from $177 but kept an equal-weight rating, suggesting a modestly cautious stance rather than a strong bullish call. Phillips 66 NYSE: PSX Given New $183.00 Price Target at Barclays
• Neutral Sentiment: Coverage also focused on analysts’ views and dividend-related news, which supports investor attention but does not materially change the company’s operating outlook by itself. Analysts Offer Insights on Energy Companies: Exxon Mobil (XOM) and Phillips 66 (PSX)
• Negative Sentiment: One market update said Phillips 66 was set to snap a six-session winning streak, indicating some near-term cooling after the recent rally. Phillips 66 set to snap six straight sessions of gains

Phillips 66 Stock Performance

Shares of PSX stock traded down $1.23 during trading on Friday, reaching $188.59. The company had a trading volume of 2,663,901 shares, compared to its average volume of 2,770,676. The firm's 50 day simple moving average is $176.38 and its two-hundred day simple moving average is $162.96. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. Phillips 66 has a one year low of $118.07 and a one year high of $193.04. The company has a market capitalization of $75.61 billion, a PE ratio of 18.58, a PEG ratio of 0.26 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. During the same quarter in the prior year, the business earned ($0.90) earnings per share. The company's revenue was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Phillips 66 will post 19.3 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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