Alyeska Investment Group L.P. Decreases Position in Phillips 66 $PSX

Key Points

• Alyeska Investment Group L.P. reduced its stake in Phillips 66 by 63.9%, selling 311,948 shares during the first quarter, leaving them with 176,589 shares valued at approximately $21.8 million.
• Phillips 66 reported earnings of $2.38 per share for the last quarter, exceeding analysts' expectations with revenue of $33.77 billion, up from previously estimated $32.11 billion.
• The company announced a quarterly dividend of $1.20 per share, translating to an annualized yield of 3.6%, despite a high dividend payout ratio of 115.38%.

Alyeska Investment Group L.P. lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 63.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 176,589 shares of the oil and gas company's stock after selling 311,948 shares during the period. Alyeska Investment Group L.P.'s holdings in Phillips 66 were worth $21,805,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PSX. Elliott Investment Management L.P. boosted its holdings in Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the period. Nuveen LLC bought a new position in Phillips 66 in the 1st quarter worth approximately $156,482,000. GAMMA Investing LLC boosted its holdings in Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after buying an additional 1,181,240 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in Phillips 66 by 157.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock worth $175,593,000 after buying an additional 942,922 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Phillips 66 by 11.3% in the 1st 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 buying an additional 682,459 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

PSX has been the subject of several analyst reports. Mizuho raised their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a report on Tuesday, May 13th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Saturday, July 26th. Scotiabank reissued a "sector perform" rating and issued a $133.00 price target on shares of Phillips 66 in a report on Friday, July 11th. Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Finally, JPMorgan Chase & Co. set a $115.00 price target on shares of Phillips 66 in a report on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $135.60.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Gregory Hayes acquired 8,350 shares of the company's stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the acquisition, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 9,850 shares of company stock worth $1,188,910 in the last three months. 0.22% of the stock is owned by insiders.

Phillips 66 Price Performance

Shares of NYSE PSX traded down $0.14 during mid-day trading on Friday, reaching $131.44. 1,828,526 shares of the company were exchanged, compared to its average volume of 1,933,730. Phillips 66 has a 52 week low of $91.01 and a 52 week 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 capitalization of $53.12 billion, a PE ratio of 31.60, a PEG ratio of 2.05 and a beta of 1.15. The company's 50 day moving average price is $126.26 and its 200 day moving average price is $119.42.

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

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Tuesday, August 19th. 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.