Rafferty Asset Management LLC Trims Stock Holdings in Phillips 66 $PSX

Key Points

• Rafferty Asset Management LLC reduced its stake in Phillips 66 by 16.2%, selling 23,794 shares and ending up with 123,042 shares worth approximately $15.19 million.
• In the first quarter, several institutional investors, including Price T Rowe Associates and Invesco, increased their holdings in Phillips 66, leading to 76.93% of the stock being owned by institutional investors.
• Phillips 66 announced a quarterly dividend of $1.20 per share, which represents an annualized yield of 3.7%, with a payout ratio of 115.38%.

Rafferty Asset Management LLC lessened its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 16.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 123,042 shares of the oil and gas company's stock after selling 23,794 shares during the quarter. Rafferty Asset Management LLC's holdings in Phillips 66 were worth $15,193,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PSX. Harvest Portfolios Group Inc. lifted its position in Phillips 66 by 13.8% in the 1st quarter. Harvest Portfolios Group Inc. now owns 15,315 shares of the oil and gas company's stock worth $1,891,000 after buying an additional 1,855 shares during the last quarter. WealthTrust Axiom LLC lifted its position 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 buying an additional 81 shares during the last quarter. Evergreen Wealth Solutions LLC bought a new stake in Phillips 66 in the 1st quarter worth approximately $292,000. ICONIQ Capital LLC bought a new stake in Phillips 66 in the 1st quarter worth approximately $250,000. Finally, Jump Financial LLC lifted its position in Phillips 66 by 307.1% in the 1st quarter. Jump Financial LLC now owns 11,276 shares of the oil and gas company's stock worth $1,392,000 after buying an additional 8,506 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 0.6%

PSX stock traded up $0.86 during midday trading on Friday, hitting $133.69. The company had a trading volume of 1,530,714 shares, compared to its average volume of 2,010,903. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The stock's 50 day moving average price is $125.03 and its 200 day moving average price is $119.33. The stock has a market cap of $54.03 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 1.80 and a beta of 1.09.

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 for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the previous year, the company posted $2.31 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66's payout ratio is 115.38%.

Insider Activity

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The shares were purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the completion of the purchase, the director owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sigmund L. Cornelius bought 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of a number of recent research reports. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $126.00 to $130.00 in a research report on Wednesday, July 16th. Cantor Fitzgerald initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "neutral" rating for the company. Mizuho boosted their target price on Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price for the company. Finally, JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research report on Wednesday, June 18th. One equities research 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 presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

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.