Stevens Capital Management LP Lowers Stake in Phillips 66 (NYSE:PSX)

Key Points

• Stevens Capital Management LP reduced its stake in Phillips 66 by 45.4%, selling 3,533 shares, and now owns 4,241 shares valued at approximately $524,000.
• Various hedge funds, including Geode Capital Management and Price T Rowe Associates, have increased their holdings in Phillips 66, indicating a strong interest from institutional investors, which now own 76.93% of the stock.
• Phillips 66 recently declared a quarterly dividend of $1.20 per share, translating to an annualized yield of 3.84%, with a payout ratio of 109.34%.

Stevens Capital Management LP cut its stake in Phillips 66 (NYSE:PSX - Free Report) by 45.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,241 shares of the oil and gas company's stock after selling 3,533 shares during the quarter. Stevens Capital Management LP's holdings in Phillips 66 were worth $524,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in PSX. Forum Financial Management LP boosted its stake 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 purchasing an additional 77 shares during the last quarter. Smith Moore & CO. raised its holdings in shares of Phillips 66 by 0.9% in the fourth quarter. Smith Moore & CO. now owns 10,732 shares of the oil and gas company's stock valued at $1,223,000 after purchasing an additional 91 shares during the last quarter. CWC Advisors LLC. raised its holdings in shares of Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock valued at $1,110,000 after purchasing an additional 92 shares during the last quarter. Hager Investment Management Services LLC increased its holdings in Phillips 66 by 7.2% during the first 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 increased its holdings in Phillips 66 by 14.4% during the first 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. Institutional investors and hedge funds own 76.93% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on PSX. Piper Sandler dropped their target price on shares of Phillips 66 from $147.00 to $144.00 and set a "neutral" rating for the company in a research report on Monday. Scotiabank reissued a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Morgan Stanley set a $128.00 price target on Phillips 66 and gave the stock an "equal weight" rating in a research note on Wednesday, July 16th. UBS Group increased their price target on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a report on Monday. Finally, Mizuho raised their price target on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $136.13.

Phillips 66 Price Performance

Phillips 66 stock traded down $2.75 during mid-day trading on Wednesday, reaching $125.66. The company had a trading volume of 751,740 shares, compared to its average volume of 3,462,113. The company has a market cap of $51.20 billion, a P/E ratio of 30.26, a P/E/G ratio of 1.85 and a beta of 1.02. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The business has a fifty day simple moving average of $121.82 and a 200 day simple moving average of $118.79.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.86%. The company had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. During the same period last year, the firm earned $2.31 EPS. On average, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.82%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares in the company, valued at approximately $5,638,490. This represents a 9.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert W. Pease acquired 439 shares of Phillips 66 stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the transaction, the director directly owned 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 0.22% of the company's stock.

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.