Tortoise Capital Advisors L.L.C. Has $15.39 Million Holdings in Phillips 66 $PSX

Key Points

• Tortoise Capital Advisors increased its holdings in Phillips 66 by 85.3%, owning 124,619 shares valued at approximately $15.39 million at the end of the first quarter.
• Insider activity included the sale of 4,393 shares by EVP Vanessa Allen Sutherland and 9,800 shares by EVP Brian Mandell, representing a decrease in their respective stock positions.
• The company declared a quarterly dividend of $1.20 per share, with an annualized yield of 3.9%, highlighting a current dividend payout ratio of 115.38%.

Tortoise Capital Advisors L.L.C. boosted its position in Phillips 66 (NYSE:PSX - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 124,619 shares of the oil and gas company's stock after buying an additional 57,366 shares during the period. Tortoise Capital Advisors L.L.C.'s holdings in Phillips 66 were worth $15,388,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock valued at $828,442,000 after buying an additional 682,459 shares during the period. Invesco Ltd. increased its position in shares of Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after acquiring an additional 653,248 shares in the last quarter. Northern Trust Corp increased its position in shares of Phillips 66 by 10.6% during the fourth quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock worth $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Phillips 66 by 11.1% in 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 purchasing an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Phillips 66 by 3.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after purchasing an additional 100,321 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 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 completion of the transaction, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. This trade represents a 9.20% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated 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 directly owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 over the last 90 days. 0.22% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on PSX. Wells Fargo & Company dropped their target price on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 target price (up from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Citigroup cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and boosted their target price for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Finally, Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Trading Up 0.5%

NYSE:PSX opened at $124.2240 on Friday. The company has a 50-day moving average price of $124.16 and a 200-day moving average price of $119.01. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.85. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The stock has a market cap of $50.20 billion, a price-to-earnings ratio of 29.86, a P/E/G ratio of 1.67 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results 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 4.87%. The firm 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 predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently declared 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. This represents a $4.80 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Phillips 66 Company 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.

Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.