Phillips 66 $PSX Shares Sold by Amundi

Key Points

• Amundi reduced its holdings in Phillips 66 by 38.0% in the first quarter, now owning approximately 2.28 million shares valued at $282.13 million.
• Analyst ratings for Phillips 66 have seen changes, with Bank of America downgrading it from a "buy" to a "neutral" rating while also increasing the target price to $147.00.
• Phillips 66 reported earnings of $2.38 per share for the last quarter, exceeding expectations and achieving revenue of $33.77 billion.

Amundi trimmed its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 38.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,284,860 shares of the oil and gas company's stock after selling 1,397,554 shares during the period. Amundi owned about 0.56% of Phillips 66 worth $282,135,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Forum Financial Management LP increased its position in shares of Phillips 66 by 1.0% in the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock worth $853,000 after purchasing an additional 77 shares during the last quarter. WealthTrust Axiom LLC increased its position in shares of Phillips 66 by 1.1% in the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock worth $894,000 after purchasing an additional 81 shares during the last quarter. CWC Advisors LLC. increased its position in shares of Phillips 66 by 1.0% in the 4th quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock worth $1,110,000 after purchasing an additional 92 shares during the last quarter. Hager Investment Management Services LLC increased its position in shares of Phillips 66 by 7.2% in the 1st quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock worth $178,000 after purchasing an additional 96 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its position in shares of Phillips 66 by 14.4% in the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after purchasing an additional 97 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The shares were 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 directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This represents a 9.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Michael A. Heim bought 1,000 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. Company insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Scotiabank reissued a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a research report on Wednesday, June 18th. Compass Point started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued a "buy" rating for the company. Finally, Morgan Stanley boosted their price objective on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $135.60.

Phillips 66 Stock Performance

NYSE PSX traded down $0.14 on Friday, hitting $131.44. The stock had a trading volume of 1,828,526 shares, compared to its average volume of 1,927,008. Phillips 66 has a one year low of $91.01 and a one year high of $140.60. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market cap of $53.12 billion, a price-to-earnings ratio of 31.60, a P/E/G ratio of 2.05 and a beta of 1.15. The company's 50-day moving average is $126.26 and its two-hundred day moving average is $119.50.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter in the prior year, the firm earned $2.31 EPS. On average, analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were given a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66's dividend payout ratio is 115.38%.

Phillips 66 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.