Phillips 66 $PSX Shares Sold by Legal & General Group Plc

Key Points

• Legal & General Group Plc cut its Phillips 66 position by 9.7% in the fourth quarter, selling 219,652 shares and ending with 2.06 million shares valued at about $265.4 million.
• Insiders have also been selling: Director Lisa Ann Davis and EVP Brian Mandell both reduced holdings, and insiders have sold 114,029 shares worth roughly $19.6 million over the last three months.
• Phillips 66 reported mixed quarterly results, beating EPS expectations but missing revenue estimates; the company also announced a $1.27 quarterly dividend and has seen multiple analysts raise price targets, with a consensus “Moderate Buy” rating.

Legal & General Group Plc reduced its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 9.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,056,384 shares of the oil and gas company's stock after selling 219,652 shares during the period. Legal & General Group Plc owned 0.51% of Phillips 66 worth $265,356,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Genus Capital Management Inc. acquired a new stake in shares of Phillips 66 during the fourth quarter valued at about $1,707,000. New Age Alpha Advisors LLC increased its position in shares of Phillips 66 by 9.3% during the fourth quarter. New Age Alpha Advisors LLC now owns 21,842 shares of the oil and gas company's stock valued at $2,818,000 after acquiring an additional 1,866 shares during the last quarter. HBK Sorce Advisory LLC increased its position in shares of Phillips 66 by 2.0% during the fourth quarter. HBK Sorce Advisory LLC now owns 17,637 shares of the oil and gas company's stock valued at $2,276,000 after acquiring an additional 348 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Phillips 66 by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 2,410 shares of the oil and gas company's stock valued at $311,000 after acquiring an additional 229 shares during the last quarter. Finally, Kuhn & Co Investment Counsel increased its position in shares of Phillips 66 by 31.9% during the fourth quarter. Kuhn & Co Investment Counsel now owns 4,994 shares of the oil and gas company's stock valued at $644,000 after acquiring an additional 1,209 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Lisa Ann Davis sold 3,800 shares of Phillips 66 stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares in the company, valued at $1,517,193.37. The trade was a 30.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company's stock, valued at $10,442,200.35. This represents a 41.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 114,029 shares of company stock worth $19,641,455 over the last three months. Insiders own 0.40% of the company's stock.

Phillips 66 Trading Down 2.0%

NYSE PSX opened at $174.07 on Wednesday. The firm has a 50 day simple moving average of $172.22 and a 200-day simple moving average of $153.98. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. Phillips 66 has a one year low of $111.19 and a one year high of $190.61. The firm has a market cap of $69.79 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 0.26 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the firm posted ($0.90) earnings per share. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts anticipate that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. Phillips 66's dividend payout ratio (DPR) is presently 50.05%.

Analysts Set New Price Targets

PSX has been the subject of a number of recent analyst reports. TD Cowen lifted their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a research report on Wednesday, April 1st. UBS Group lifted their price target on shares of Phillips 66 from $172.00 to $212.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Mizuho raised their price objective on shares of Phillips 66 from $152.00 to $170.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Weiss Ratings lowered shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Finally, JPMorgan Chase & Co. raised their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $188.94.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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