Quarry LP Sells 5,748 Shares of Phillips 66 $PSX

Key Points

• Quarry LP reduced its stake in Phillips 66 by 49.6%, owning 5,830 shares after selling 5,748 shares during the first quarter, with holdings valued at $720,000.
• Phillips 66 reported earnings of $2.38 per share, exceeding expectations by $0.59, and generated $33.77 billion in revenue for the quarter.
• The company announced a quarterly dividend of $1.20, reflecting a 3.6% yield and a dividend payout ratio of 115.38%.

Quarry LP trimmed its holdings in Phillips 66 (NYSE:PSX - Free Report) by 49.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,830 shares of the oil and gas company's stock after selling 5,748 shares during the period. Quarry LP's holdings in Phillips 66 were worth $720,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in Phillips 66 during the 1st quarter valued at approximately $156,482,000. Capitolis Liquid Global Markets LLC acquired a new stake in shares of Phillips 66 during the fourth quarter worth $142,185,000. GAMMA Investing LLC lifted its position in shares of Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after acquiring an additional 1,181,240 shares in the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of Phillips 66 by 157.6% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after buying an additional 942,922 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of 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 worth $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Insiders Place Their Bets

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael A. Heim bought 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average cost of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 9,850 shares of company stock valued at $1,188,910 over the last ninety days. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Down 2.4%

Shares of NYSE:PSX traded down $3.20 during midday trading on Wednesday, reaching $130.64. 2,290,166 shares of the company were exchanged, compared to its average volume of 1,874,204. 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 firm has a market cap of $52.80 billion, a PE ratio of 39.64, a P/E/G ratio of 1.81 and a beta of 1.15. The stock has a fifty day simple moving average of $125.56 and a two-hundred day simple moving average of $119.39. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the business posted $2.31 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Analysts Set New Price Targets

A number of analysts recently issued reports on PSX shares. Compass Point assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "buy" rating for the company. Argus raised Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Raymond James Financial set a $142.00 price target on shares of Phillips 66 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. UBS Group boosted their price objective on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Finally, Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus price target of $135.60.

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.