Teacher Retirement System of Texas Boosts Stake in Phillips 66 $PSX

Key Points

• Teacher Retirement System of Texas increased its stake in Phillips 66 by 44.4%, buying an additional 27,934 shares to hold 90,826 shares valued at about $11.72 million.
• Several analysts have recently bumped up price targets (e.g., TD Cowen, Wells Fargo), but the stock's consensus rating remains a "Hold" with a consensus target price of $181.33.
• Company insiders sold a total of 95,923 shares worth about $16.4 million in the last quarter, while Phillips 66 pays a quarterly dividend of $1.27 (annualized yield ~3.1%).

Teacher Retirement System of Texas raised its holdings in Phillips 66 (NYSE:PSX - Free Report) by 44.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 90,826 shares of the oil and gas company's stock after purchasing an additional 27,934 shares during the quarter. Teacher Retirement System of Texas' holdings in Phillips 66 were worth $11,720,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its holdings in shares of Phillips 66 by 57.4% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock valued at $7,734,000 after buying an additional 20,742 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in shares of Phillips 66 by 5.0% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company's stock valued at $28,523,000 after buying an additional 10,000 shares during the period. First National Bank of Omaha purchased a new stake in shares of Phillips 66 in the 3rd quarter valued at $2,357,000. TD Asset Management Inc raised its holdings in shares of Phillips 66 by 15.5% in the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after buying an additional 23,364 shares during the period. Finally, Caprock Group LLC purchased a new stake in shares of Phillips 66 in the 3rd quarter valued at $2,412,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PSX. Citigroup boosted their price objective on Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. TD Cowen boosted their price objective on Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a report on Wednesday, April 1st. Mizuho upped their price target on Phillips 66 from $152.00 to $170.00 and gave the stock a "neutral" rating in a report on Tuesday, March 17th. Morgan Stanley upped their price target on Phillips 66 from $140.00 to $147.00 and gave the stock an "equal weight" rating in a report on Thursday, February 5th. Finally, Wells Fargo & Company upped their price target on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $181.33.

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the company's stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares of the company's stock, valued at approximately $3,869,850. This represents a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Don Baldridge sold 7,500 shares of the company's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares of the company's stock, valued at approximately $6,158,080. This represents a 16.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 95,923 shares of company stock worth $16,399,619. Corporate insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $162.83 on Friday. The stock has a market cap of $65.25 billion, a P/E ratio of 15.05, a price-to-earnings-growth ratio of 0.29 and a beta of 0.76. The company has a fifty day simple moving average of $166.67 and a 200-day simple moving average of $147.89. Phillips 66 has a 12-month low of $101.54 and a 12-month high of $190.61. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.32. The business had revenue of $32.16 billion during the quarter, compared to analysts' expectations of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same period in the prior year, the firm posted ($0.15) EPS. Equities analysts expect that Phillips 66 will post 14.12 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be given a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's dividend payout ratio is currently 46.95%.

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.

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