Strategy Asset Managers LLC Reduces Stock Position in Phillips 66 (NYSE:PSX)

Key Points

• Strategy Asset Managers LLC reduced its holdings in Phillips 66 by 39.6%, selling 2,129 shares and retaining 3,246 shares valued at approximately $401,000.
• Insider transactions showed increased confidence, with Directors Robert W. Pease and Sigmund L. Cornelius purchasing shares, boosting their ownership by 12.02% and 2.38%, respectively.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, which equates to an annualized dividend of $4.80 and a yield of 4.0%.

Strategy Asset Managers LLC lowered its holdings in Phillips 66 (NYSE:PSX - Free Report) by 39.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,246 shares of the oil and gas company's stock after selling 2,129 shares during the period. Strategy Asset Managers LLC's holdings in Phillips 66 were worth $401,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Forum Financial Management LP boosted its stake in 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 worth $853,000 after purchasing an additional 77 shares in the last quarter. CWC Advisors LLC. raised its holdings in 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 worth $1,110,000 after buying an additional 92 shares during the last quarter. Hager Investment Management Services LLC lifted its stake in shares of Phillips 66 by 7.2% in 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 in the last quarter. Golden State Wealth Management LLC grew its holdings in shares of 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 valued at $95,000 after buying an additional 97 shares during the last quarter. Finally, Lantern Wealth Advisors LLC increased its position in shares of Phillips 66 by 4.7% during the fourth quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company's stock valued at $253,000 after acquiring an additional 99 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

Shares of PSX stock traded down $0.16 during trading hours on Friday, hitting $119.14. The stock had a trading volume of 1,694,152 shares, compared to its average volume of 2,537,577. 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 one year low of $91.01 and a one year high of $140.85. The stock's 50-day moving average price is $123.09 and its two-hundred day moving average price is $118.91. The stock has a market capitalization of $48.15 billion, a price-to-earnings ratio of 28.64, a PEG ratio of 1.61 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analysts' expectations of $32.11 billion. During the same period last year, the company posted $2.31 EPS. Equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Insiders Place Their Bets

In related news, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost 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 in the company, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 9,800 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders purchased 1,939 shares of company stock worth $237,725. 0.22% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PSX shares. UBS Group upped their price objective on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research report 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 report on Tuesday, July 15th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 price objective (up from $144.00) on shares of Phillips 66 in a report on Monday. Cantor Fitzgerald initiated coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating on the stock. Finally, Evercore ISI began coverage on Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target for the company. Ten 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 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.