QRG Capital Management Inc. Decreases Position in Phillips 66 $PSX

Key Points

• QRG Capital Management Inc. has reduced its position in Phillips 66 by 28.4%, ending the second quarter with 14,040 shares valued at approximately $1.675 million.
• Phillips 66 reported $2.38 EPS for the last quarter, surpassing analyst expectations of $1.79, and achieved revenues of $33.77 billion against a projected $32.11 billion.
• The company announced a quarterly dividend of $1.20 per share, resulting in an annualized dividend yield of 3.6% and a payout ratio of 115.38%.

QRG Capital Management Inc. lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 28.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,040 shares of the oil and gas company's stock after selling 5,563 shares during the period. QRG Capital Management Inc.'s holdings in Phillips 66 were worth $1,675,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. WealthTrust Axiom LLC raised its stake in Phillips 66 by 1.1% in the 1st quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock worth $894,000 after acquiring an additional 81 shares during the last quarter. Wolff Wiese Magana LLC raised its stake in Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 82 shares during the last quarter. Magnus Financial Group LLC raised its stake in Phillips 66 by 2.8% in the 2nd quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company's stock worth $368,000 after acquiring an additional 84 shares during the last quarter. Biltmore Wealth Management LLC raised its stake in Phillips 66 by 2.4% in the 2nd quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company's stock worth $431,000 after acquiring an additional 85 shares during the last quarter. Finally, XML Financial LLC raised its stake in Phillips 66 by 0.5% in the 2nd quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company's stock worth $2,093,000 after acquiring an additional 85 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

NYSE:PSX opened at $132.34 on Wednesday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $142.35. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The stock has a market capitalization of $53.48 billion, a PE ratio of 31.81, a price-to-earnings-growth ratio of 1.91 and a beta of 1.11. The stock's 50-day moving average price is $129.07 and its 200-day moving average price is $120.51.

Phillips 66 (NYSE:PSX - Get Free Report) last posted 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 analysts' expectations of $32.11 billion. During the same period last year, the firm earned $2.31 EPS. As a group, equities 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 was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66's payout ratio is presently 115.38%.

Insider Transactions at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction dated Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the sale, the executive vice president directly owned 34,587 shares in the company, valued at approximately $4,842,180. The trade was a 11.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the acquisition, the director owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PSX has been the subject of a number of research analyst reports. Wells Fargo & Company reduced their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Bank of America lowered Phillips 66 from a "buy" rating to a "neutral" rating and raised their target price for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Weiss Ratings restated a "hold (c)" rating on shares of Phillips 66 in a research note on Saturday, September 27th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research note on Wednesday, June 18th. Two equities research 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $140.50.

Phillips 66 Company 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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