Phillips 66 $PSX Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada has reduced its stake in Phillips 66 by 39.0%, now holding approximately 914,046 shares valued at $112.87 million as of its recent SEC filing.
• Phillips 66 reported better-than-expected quarterly earnings, with an EPS of $2.38, exceeding analyst estimates of $1.79, alongside revenue of $33.77 billion for the period.
• Phillips 66 declared a $1.20 quarterly dividend, translating to an annual yield of 3.7%, and maintains a high dividend payout ratio of 115.38%.

Royal Bank of Canada trimmed its position in Phillips 66 (NYSE:PSX - Free Report) by 39.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 914,046 shares of the oil and gas company's stock after selling 583,254 shares during the period. Royal Bank of Canada owned 0.22% of Phillips 66 worth $112,867,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Forum Financial Management LP increased its position in shares of Phillips 66 by 1.0% in the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock valued at $853,000 after acquiring an additional 77 shares during the period. WealthTrust Axiom LLC raised its position in Phillips 66 by 1.1% during 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. CWC Advisors LLC. raised its position in Phillips 66 by 1.0% during the 4th quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock worth $1,110,000 after buying an additional 92 shares during the last quarter. Hager Investment Management Services LLC raised its position in Phillips 66 by 7.2% during the 1st quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock worth $178,000 after buying an additional 96 shares during the last quarter. Finally, Golden State Wealth Management LLC raised its position in Phillips 66 by 14.4% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after buying an additional 97 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

NYSE PSX traded down $0.14 on Friday, hitting $131.44. The company had a trading volume of 1,828,526 shares, compared to its average volume of 1,927,008. The company has a market capitalization of $53.12 billion, a PE ratio of 31.60, a PEG ratio of 2.05 and a beta of 1.15. The company's fifty day moving average price is $126.26 and its 200-day moving average price is $119.50. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the firm posted $2.31 EPS. As a group, analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the transaction, the director directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The shares were acquired at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director directly owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 9,850 shares of company stock worth $1,188,910 over the last 90 days. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. UBS Group upped their target price on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Raymond James Financial set a $142.00 price target on Phillips 66 and gave the company an "outperform" rating in a research report on Tuesday, July 15th. Wells Fargo & Company lowered their price objective 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. Finally, Argus raised shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus target price of $135.60.

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.