Teachers Retirement System of The State of Kentucky Trims Stock Position in Phillips 66 $PSX

Key Points

• Teachers Retirement System of The State of Kentucky reduced its stake in Phillips 66 by 85.8%, selling 194,920 shares and ending the quarter with 32,301 shares valued at $4.168 million.
• Phillips 66 posted a quarterly EPS beat of $2.47 (vs. $2.15 expected) while revenue missed estimates, and announced a quarterly dividend of $1.27 ($5.08 annualized, ~3.1% yield).
• Analyst views are mixed despite recent price-target increases; the stock's consensus rating is a "Hold" with an average target of $181.33.

Teachers Retirement System of The State of Kentucky reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 85.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,301 shares of the oil and gas company's stock after selling 194,920 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Phillips 66 were worth $4,168,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GHP Investment Advisors Inc. increased its stake in Phillips 66 by 2.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company's stock valued at $414,000 after buying an additional 72 shares during the period. L2 Asset Management LLC raised its holdings in Phillips 66 by 4.0% during the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company's stock worth $257,000 after purchasing an additional 72 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its position in Phillips 66 by 0.5% in the third quarter. Mesirow Financial Investment Management Inc. now owns 15,658 shares of the oil and gas company's stock valued at $2,130,000 after purchasing an additional 73 shares during the period. KCM Investment Advisors LLC boosted its holdings in Phillips 66 by 1.6% in the 3rd quarter. KCM Investment Advisors LLC now owns 4,636 shares of the oil and gas company's stock valued at $631,000 after purchasing an additional 74 shares in the last quarter. Finally, Abacus Planning Group Inc. increased its position in Phillips 66 by 3.9% during the 4th quarter. Abacus Planning Group Inc. now owns 1,989 shares of the oil and gas company's stock worth $257,000 after purchasing an additional 74 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $164.18 on Tuesday. Phillips 66 has a 12-month low of $102.16 and a 12-month high of $190.61. The stock has a market cap of $65.79 billion, a P/E ratio of 15.17, a PEG ratio of 0.30 and a beta of 0.76. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. The company has a 50-day moving average of $166.76 and a two-hundred day moving average of $148.35.

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

Phillips 66 Dividend Announcement

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

Analyst Upgrades and Downgrades

PSX has been the subject of several recent analyst reports. Wells Fargo & Company raised their price target on Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a report on Tuesday, March 31st. TD Cowen increased their price objective on Phillips 66 from $155.00 to $213.00 and gave the stock a "buy" rating in a research report on Wednesday, April 1st. The Goldman Sachs Group raised their target price on Phillips 66 from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Friday, April 10th. Wolfe Research boosted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a research report on Monday, April 6th. Finally, Jefferies Financial Group cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of "Hold" and a consensus target price of $181.33.

Insider Activity at Phillips 66

In related news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the executive vice president owned 38,488 shares in the company, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 16,856 shares of the business's stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $16,380,590.72. The trade was a 14.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 95,923 shares of company stock valued at $16,399,619 in the last ninety days. 0.40% of the stock is owned by insiders.

About Phillips 66

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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