Gabelli Funds LLC Lowers Stock Position in Phillips 66 $PSX

Key Points

• Gabelli Funds LLC has reduced its stake in Phillips 66 by 24.5%, selling 37,075 shares and now holding 114,225 shares worth approximately $14.1 million.
• Phillips 66 reported $2.38 EPS for the latest quarter, exceeding analysts' expectations of $1.79 EPS, and generated $33.77 billion in revenue.
• The company declared a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.6%, with a payout ratio currently at 115.38%.

Gabelli Funds LLC decreased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 24.5% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,225 shares of the oil and gas company's stock after selling 37,075 shares during the period. Gabelli Funds LLC's holdings in Phillips 66 were worth $14,105,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new position in shares of Phillips 66 in the first quarter worth about $156,482,000. Capitolis Liquid Global Markets LLC bought a new position in shares of Phillips 66 in the fourth quarter worth about $142,185,000. GAMMA Investing LLC lifted its stake in Phillips 66 by 14,119.5% in the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after acquiring an additional 1,181,240 shares during the period. Jacobs Levy Equity Management Inc. lifted its stake in Phillips 66 by 157.6% in the fourth 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 acquiring an additional 942,922 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Phillips 66 by 11.3% in the first 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 acquiring an additional 682,459 shares during the period. Institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In other news, Director Michael A. Heim acquired 1,000 shares of the company's stock in a transaction that occurred on 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 completion of the acquisition, the director owned 12,043 shares of the company's stock, valued at $1,517,056.71. This trade represents a 9.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sigmund L. Cornelius bought 500 shares of Phillips 66 stock in a transaction on Thursday, July 31st. The stock was acquired at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the transaction, the director directly owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 9,850 shares of company stock worth $1,188,910 in the last ninety days. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

Shares of NYSE PSX traded up $0.86 during midday trading on Friday, reaching $133.69. The company had a trading volume of 1,530,714 shares, compared to its average volume of 2,010,903. The business's 50-day simple moving average is $125.03 and its 200 day simple moving average is $119.33. The stock has a market cap of $54.03 billion, a P/E ratio of 32.14, a P/E/G ratio of 1.81 and a beta of 1.09. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

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

Phillips 66 Announces Dividend

The company 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 $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.6%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PSX. UBS Group increased their target price on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 target price on the stock. Mizuho increased their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. TD Cowen lifted their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Barclays lifted their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. One 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 company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

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.