Vestcor Inc Lowers Stock Position in Phillips 66 (NYSE:PSX)

Key Points

• Vestcor Inc recently reduced its holdings in Phillips 66 by 58.2%, owning 7,397 shares worth approximately $913,000 after selling 10,293 shares in the first quarter.
• Phillips 66's stock has a market cap of $48.33 billion and recently reported earnings that exceeded analysts' expectations, outperforming with $2.38 earnings per share.
• The company announced a quarterly dividend of $1.20 per share, resulting in an annualized yield of 4.0%, set to be paid to shareholders on September 2nd.

Vestcor Inc cut its holdings in Phillips 66 (NYSE:PSX - Free Report) by 58.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,397 shares of the oil and gas company's stock after selling 10,293 shares during the period. Vestcor Inc's holdings in Phillips 66 were worth $913,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PSX. Cohen & Steers Inc. raised its position in shares of Phillips 66 by 40.3% during the 4th quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock valued at $10,443,000 after purchasing an additional 26,318 shares during the period. Cary Street Partners Financial LLC bought a new stake in shares of Phillips 66 during the 4th quarter valued at $4,333,000. Resona Asset Management Co. Ltd. bought a new stake in shares of Phillips 66 during the 4th quarter valued at $15,203,000. Massachusetts Financial Services Co. MA raised its position in shares of Phillips 66 by 4.1% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,107,397 shares of the oil and gas company's stock valued at $126,166,000 after purchasing an additional 43,238 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its position in shares of Phillips 66 by 20.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Insider Activity

In other Phillips 66 news, Director Michael A. Heim acquired 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, with a total value of $125,970.00. Following the acquisition, the director directly owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert W. Pease acquired 439 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director directly owned 4,091 shares in the company, valued at approximately $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,939 shares of company stock valued at $237,725. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSX. Cantor Fitzgerald began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating for the company. Mizuho raised their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a research note on Wednesday, June 18th. Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Scotiabank reissued a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $136.20.

Phillips 66 Stock Up 1.6%

Shares of NYSE:PSX traded up $1.86 during trading hours on Monday, hitting $121.46. The company's stock had a trading volume of 2,102,205 shares, compared to its average volume of 2,762,663. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a market capitalization of $49.08 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.63 and a beta of 1.09. The firm's fifty day moving average price is $122.41 and its 200 day moving average price is $118.89.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The business had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. During the same period in the prior year, the firm posted $2.31 earnings per share. As a group, research analysts expect 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 issued a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.0%. Phillips 66's payout ratio is 115.38%.

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.