River Road Asset Management LLC Has $5.91 Million Stock Holdings in Phillips 66 $PSX

Key Points

• River Road Asset Management cut its Phillips 66 stake by 39.6% in the fourth quarter, selling 30,060 shares and leaving it with 45,786 shares worth about $5.91 million.
• Analysts remain mostly constructive on PSX, with firms like Raymond James and Citigroup raising price targets; the stock now carries a Moderate Buy consensus and an average target of $192.33.
• Phillips 66 reported quarterly EPS of $0.49, beating expectations, and recently paid a quarterly dividend of $1.27 per share, which annualizes to a 3.1% yield.

River Road Asset Management LLC decreased its stake in Phillips 66 (NYSE:PSX - Free Report) by 39.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 45,786 shares of the oil and gas company's stock after selling 30,060 shares during the period. River Road Asset Management LLC's holdings in Phillips 66 were worth $5,908,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PSX. Brighton Jones LLC boosted its position in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after purchasing an additional 7,214 shares during the last quarter. Woodline Partners LP increased its position in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. raised its stake in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after purchasing an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock valued at $41,359,000 after buying an additional 28,988 shares during the last quarter. Finally, Glenview Trust co boosted its holdings in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock valued at $1,068,000 after buying an additional 229 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PSX. Raymond James Financial boosted their target price on shares of Phillips 66 from $215.00 to $218.00 and gave the stock an "outperform" rating in a report on Wednesday, June 10th. Weiss Ratings cut shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. Barclays lifted their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 8th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Finally, Citigroup upped their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and a consensus price target of $192.33.

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. The trade was a 23.19% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 45,629 shares of company stock worth $8,071,540. 0.40% of the stock is owned by company insiders.

Phillips 66 Stock Down 0.0%

PSX stock opened at $166.13 on Friday. Phillips 66 has a 1-year low of $118.00 and a 1-year high of $190.61. The business's 50 day simple moving average is $171.94 and its 200 day simple moving average is $158.93. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $66.61 billion, a PE ratio of 16.37, a PEG ratio of 0.24 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter last year, the firm posted ($0.90) EPS. The company's quarterly revenue was up 6.9% on a year-over-year basis. As a group, research analysts anticipate that Phillips 66 will post 18.22 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. Phillips 66's payout ratio is presently 50.05%.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.