Russell Investments Group Ltd. Buys 69,122 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Russell Investments Group Ltd. increased its stake in Phillips 66 by 18.3%, holding 446,528 shares valued at approximately $55.10 million as of the latest quarter.
• Phillips 66 reported $2.38 EPS for its most recent quarter, surpassing analysts' expectations of $1.79 EPS and achieving a revenue total of $33.77 billion.
• The company announced a quarterly dividend of $1.20 per share, with a dividend yield of 3.9% and a notable dividend payout ratio of 115.38%.

Russell Investments Group Ltd. raised its position in Phillips 66 (NYSE:PSX - Free Report) by 18.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 446,528 shares of the oil and gas company's stock after acquiring an additional 69,122 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.11% of Phillips 66 worth $55,099,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its stake in Phillips 66 by 283.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Invesco Ltd. lifted its stake in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock valued at $588,489,000 after acquiring an additional 653,248 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Phillips 66 by 10.6% during the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after buying an additional 440,107 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Phillips 66 by 9.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,014,113 shares of the oil and gas company's stock worth $457,257,000 after buying an additional 357,705 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Phillips 66 by 11.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after buying an additional 377,132 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 analysts have recently issued reports on the stock. Evercore ISI assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 target price for the company. TD Cowen raised their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Mizuho raised their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 13th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Finally, JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a research note on Wednesday, June 18th. Ten equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $136.20.

Phillips 66 Stock Performance

Phillips 66 stock traded up $0.89 during midday trading on Friday, hitting $123.62. The company's stock had a trading volume of 2,302,957 shares, compared to its average volume of 2,434,668. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a 50-day moving average price of $123.85 and a two-hundred day moving average price of $118.91. The company has a market cap of $49.96 billion, a price-to-earnings ratio of 29.72, a PEG ratio of 1.70 and a beta of 1.09.

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

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. Phillips 66's payout ratio is presently 115.38%.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president directly owned 43,373 shares in the company, valued at approximately $5,638,490. The trade was a 9.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael A. Heim bought 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 10,289 shares of company stock worth $1,238,890. 0.22% of the stock is owned by company insiders.

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.