Phillips 66 $PSX Stake Decreased by Bahl & Gaynor Inc.

Key Points

• Bahl & Gaynor Inc. reduced its stake in Phillips 66 by 7.9%, now holding approximately 1.47 million shares valued at around $181 million.
• Phillips 66 reported an EPS of $2.38 for the quarter, exceeding estimates of $1.79, and generated $33.77 billion in revenue.
• The company declared a quarterly dividend of $1.20 per share, with a dividend yield of 3.7%, and a payout ratio of 115.38%.

Bahl & Gaynor Inc. lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 7.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,468,353 shares of the oil and gas company's stock after selling 125,794 shares during the period. Phillips 66 accounts for approximately 0.9% of Bahl & Gaynor Inc.'s portfolio, making the stock its 29th biggest holding. Bahl & Gaynor Inc. owned 0.36% of Phillips 66 worth $181,312,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its holdings in shares of Phillips 66 by 238.5% during the 4th 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 during the period. Jump Financial LLC purchased a new position in Phillips 66 during the fourth quarter worth approximately $316,000. First Trust Advisors LP raised its stake in Phillips 66 by 32.5% during the fourth quarter. First Trust Advisors LP now owns 360,685 shares of the oil and gas company's stock worth $41,093,000 after purchasing an additional 88,511 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after buying an additional 4,455,220 shares during the period. Finally, MGO One Seven LLC increased its holdings in shares of Phillips 66 by 11.7% during the 4th quarter. MGO One Seven LLC now owns 6,452 shares of the oil and gas company's stock worth $735,000 after buying an additional 677 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael A. Heim bought 1,000 shares of the firm's stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the transaction, the director owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 9,850 shares of company stock worth $1,188,910. Company insiders own 0.22% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PSX. Barclays lifted their target price on Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a report on Wednesday, July 9th. Compass Point initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "buy" rating for the company. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating on the stock. Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Finally, Mizuho lifted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $136.20.

Phillips 66 Stock Up 0.2%

PSX traded up $0.31 on Tuesday, reaching $129.83. The company's stock had a trading volume of 2,776,935 shares, compared to its average volume of 2,147,105. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85. The business's 50 day moving average is $124.43 and its 200 day moving average is $119.07. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The stock has a market cap of $52.47 billion, a price-to-earnings ratio of 38.43, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its 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 for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the prior year, the company posted $2.31 EPS. As a group, research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is currently 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.