Phillips 66 $PSX Shares Acquired by Ramirez Asset Management Inc.

Key Points

• Ramirez Asset Management Inc. has significantly increased its stake in Phillips 66 by 136% during the second quarter, acquiring a total of 22,562 shares valued at approximately $2.69 million.
• Phillips 66 recently reported earnings of $2.38 per share for the last quarter, exceeding expectations, with revenue of $33.77 billion and a net margin of 1.27%.
• The company will pay a quarterly dividend of $1.20 per share on December 1st, representing an annualized yield of 3.7% despite a payout ratio of 115.38%.

Ramirez Asset Management Inc. grew its position in Phillips 66 (NYSE:PSX - Free Report) by 136.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,562 shares of the oil and gas company's stock after purchasing an additional 13,000 shares during the quarter. Ramirez Asset Management Inc.'s holdings in Phillips 66 were worth $2,692,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Callan Family Office LLC raised its holdings in shares of Phillips 66 by 73.1% in the 2nd quarter. Callan Family Office LLC now owns 5,274 shares of the oil and gas company's stock valued at $629,000 after purchasing an additional 2,228 shares in the last quarter. Blair William & Co. IL raised its holdings in shares of Phillips 66 by 10.3% in the 2nd quarter. Blair William & Co. IL now owns 201,721 shares of the oil and gas company's stock valued at $24,065,000 after purchasing an additional 18,900 shares in the last quarter. Lokken Investment Group LLC raised its holdings in shares of Phillips 66 by 7.4% in the 2nd quarter. Lokken Investment Group LLC now owns 10,235 shares of the oil and gas company's stock valued at $1,221,000 after purchasing an additional 707 shares in the last quarter. Vontobel Holding Ltd. raised its stake in Phillips 66 by 4.8% during the 2nd quarter. Vontobel Holding Ltd. now owns 34,404 shares of the oil and gas company's stock worth $4,104,000 after acquiring an additional 1,581 shares in the last quarter. Finally, Maryland State Retirement & Pension System raised its stake in Phillips 66 by 2.7% during the 2nd quarter. Maryland State Retirement & Pension System now owns 19,814 shares of the oil and gas company's stock worth $2,364,000 after acquiring an additional 516 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PSX. JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a research note on Wednesday, June 18th. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. TD Cowen lifted their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Phillips 66 in a research note on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $140.50.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president owned 34,587 shares of the company's stock, valued at approximately $4,842,180. The trade was a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sigmund L. Cornelius acquired 500 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The shares were bought at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 in the last ninety days. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Stock Down 0.2%

Shares of NYSE:PSX opened at $131.10 on Friday. The company has a market cap of $52.98 billion, a price-to-earnings ratio of 31.51, a PEG ratio of 1.91 and a beta of 1.11. The firm's 50-day simple moving average is $129.36 and its 200-day simple moving average is $120.62. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the previous year, the firm earned $2.31 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's payout ratio is currently 115.38%.

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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.