Price T Rowe Associates Inc. MD Raises Stake in Phillips 66 $PSX

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Phillips 66 by 11.3%, owning 6,709,108 shares valued at approximately $828.4 million.
• Phillips 66 reported $2.38 EPS for the last quarter, exceeding analysts' expectations of $1.79, with revenues of $33.77 billion compared to estimates of $32.11 billion.
• The company declared a quarterly dividend of $1.20 per share, reflecting an annualized yield of 3.9%, with a payout ratio of 115.38%.

Price T Rowe Associates Inc. MD lifted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 11.3% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,709,108 shares of the oil and gas company's stock after purchasing an additional 682,459 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.65% of Phillips 66 worth $828,442,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Pacific Center for Financial Services purchased a new position in Phillips 66 in the 4th quarter worth approximately $27,000. von Borstel & Associates Inc. purchased a new position in Phillips 66 in the 1st quarter worth approximately $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 in the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC purchased a new position in Phillips 66 in the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new position in Phillips 66 in the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $124.2240 on Friday. The business's 50 day moving average is $124.16 and its two-hundred day moving average is $119.01. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.85. The firm has a market cap of $50.20 billion, a price-to-earnings ratio of 29.86, a PEG ratio of 1.67 and a beta of 1.09. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60.

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. Analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PSX shares. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and upped their price target for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. UBS Group upped their price target on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Compass Point started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating for the company. JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a research report on Wednesday, June 18th. Finally, Wells Fargo & Company cut their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Insider Buying and Selling at Phillips 66

In other news, Director Sigmund L. Cornelius purchased 500 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, with a total value of $61,775.00. Following the transaction, the director owned 21,543 shares in the company, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders acquired 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by insiders.

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.

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