Praxis Investment Management Inc. Reduces Holdings in Phillips 66 $PSX

Key Points

• Praxis Investment Management Inc. reduced its holdings in Phillips 66 by 15.3%, totaling 25,460 shares valued at approximately $3 million after selling 4,590 shares in the second quarter.
• Director Gregory Hayes acquired 8,350 shares at an average cost of $119.90 per share, resulting in a 39.62% increase in his ownership.
• Phillips 66 will pay a quarterly dividend of $1.20 per share on December 1st, with an annualized yield of 3.7%.

Praxis Investment Management Inc. lowered its position in Phillips 66 (NYSE:PSX - Free Report) by 15.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,460 shares of the oil and gas company's stock after selling 4,590 shares during the period. Praxis Investment Management Inc.'s holdings in Phillips 66 were worth $3,037,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Elliott Investment Management L.P. boosted its position in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock valued at $1,941,723,000 after buying an additional 14,950,000 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position 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 valued at $828,442,000 after buying an additional 682,459 shares during the last quarter. Invesco Ltd. boosted its position in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after buying an additional 653,248 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Phillips 66 by 11.1% in the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock valued at $466,886,000 after buying an additional 377,132 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Phillips 66 by 3.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock valued at $383,197,000 after buying an additional 100,321 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of Phillips 66 stock in a transaction that occurred on Wednesday, July 30th. The stock was purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director owned 12,043 shares in the company, valued at $1,517,056.71. The trade was a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock valued at $1,188,910 in the last 90 days. 0.22% of the stock is owned by company insiders.

Phillips 66 Trading Down 0.9%

Shares of PSX stock opened at $128.37 on Friday. 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 company has a market cap of $51.88 billion, a price-to-earnings ratio of 30.86, a PEG ratio of 1.80 and a beta of 1.11. The stock has a 50 day simple moving average of $130.23 and a 200-day simple moving average of $120.78. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35.

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 for the quarter, topping the consensus estimate of $1.79 by $0.59. The business had revenue of $33.77 billion during the quarter, compared to the consensus estimate 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. On average, equities research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66's dividend payout ratio is currently 115.38%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Bank of America lowered Phillips 66 from a "buy" rating to a "neutral" rating and upped their target price for the company from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Argus raised Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Weiss Ratings reissued a "hold (c)" rating on shares of Phillips 66 in a report on Wednesday, October 8th. Barclays boosted their price target on Phillips 66 from $127.00 to $132.00 and gave the company an "equal weight" rating in a report on Tuesday, October 7th. Finally, Jefferies Financial Group boosted their price target on Phillips 66 from $133.00 to $137.00 and gave the company a "hold" rating in a report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $140.75.

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.

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