Phillips 66 $PSX Shares Sold by Todd Asset Management LLC

Key Points

• Todd Asset Management cut its Phillips 66 stake by 95.2% in the fourth quarter, selling 195,310 shares and leaving it with 9,811 shares worth about $1.27 million.
• Insiders have also been selling: EVP Brian Mandell and Director Lisa Ann Davis both reduced their holdings, and company insiders sold 114,029 shares worth about $19.6 million over the last 90 days.
• Phillips 66 reported better-than-expected quarterly earnings of $0.49 per share and announced a quarterly dividend of $1.27 per share, implying a 2.9% yield.

Todd Asset Management LLC lessened its holdings in Phillips 66 (NYSE:PSX - Free Report) by 95.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,811 shares of the oil and gas company's stock after selling 195,310 shares during the quarter. Todd Asset Management LLC's holdings in Phillips 66 were worth $1,266,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSX. Vanguard Group Inc. boosted its holdings in Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after purchasing an additional 205,480 shares in the last quarter. M&T Bank Corp raised its stake in Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. Amundi boosted its stake in Phillips 66 by 2.8% in the third quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock valued at $319,123,000 after acquiring an additional 65,568 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Phillips 66 by 1.5% during the third quarter. Legal & General Group Plc now owns 2,276,036 shares of the oil and gas company's stock worth $309,586,000 after purchasing an additional 33,397 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after purchasing an additional 1,532,389 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 42,800 shares of the business's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the transaction, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 114,029 shares of company stock worth $19,641,455. Insiders own 0.40% of the company's stock.

Phillips 66 Trading Up 0.2%

Shares of Phillips 66 stock opened at $178.03 on Tuesday. The firm has a market cap of $71.38 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. Phillips 66 has a 52-week low of $111.19 and a 52-week high of $190.61. The company's 50-day simple moving average is $172.20 and its 200-day simple moving average is $153.71. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

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

Phillips 66 Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Mizuho upped their target price on Phillips 66 from $152.00 to $170.00 and gave the company a "neutral" rating in a research report on Tuesday, March 17th. Wolfe Research lifted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Weiss Ratings cut shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Scotiabank lifted their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, Morgan Stanley reiterated an "overweight" rating and set a $180.00 target price on shares of Phillips 66 in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $187.11.

About Phillips 66

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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