Vident Advisory LLC Grows Holdings in Phillips 66 $PSX

Key Points

• Vident Advisory LLC increased its holdings in Phillips 66 by 31.9% during the first quarter, acquiring an additional 3,850 shares to bring their total to 15,912 shares worth nearly $2 million.
• Phillips 66 has received several updated price targets from analysts, with Barclays raising its target from $115 to $127, while Piper Sandler set a target of $145.
• The company recently declared a quarterly dividend of $1.20 per share, resulting in an annual yield of 3.6%, despite a payout ratio of over 115%.

Vident Advisory LLC lifted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 31.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,912 shares of the oil and gas company's stock after buying an additional 3,850 shares during the quarter. Vident Advisory LLC's holdings in Phillips 66 were worth $1,965,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Nuveen LLC purchased a new position in Phillips 66 in the 1st quarter valued at about $156,482,000. Capitolis Liquid Global Markets LLC purchased a new position in Phillips 66 in the 4th quarter valued at about $142,185,000. GAMMA Investing LLC lifted its holdings in Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after purchasing an additional 1,181,240 shares in the last quarter. Jacobs Levy Equity Management Inc. lifted its holdings in Phillips 66 by 157.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after purchasing an additional 942,922 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Phillips 66 by 11.3% in the 1st 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 purchasing an additional 682,459 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on PSX. Citigroup lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and upped their target price for the company from $126.00 to $130.00 in a report on Wednesday, July 16th. Argus raised shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Evercore ISI began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price objective for the company. Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Finally, Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $135.60.

Insider Transactions at Phillips 66

In related news, Director Sigmund L. Cornelius purchased 500 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director directly owned 21,543 shares in the company, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael A. Heim purchased 1,000 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, with a total value of $125,970.00. Following the acquisition, the director owned 12,043 shares in the company, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 9,850 shares of company stock worth $1,188,910 over the last 90 days. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Trading Down 0.1%

PSX traded down $0.14 on Friday, reaching $131.44. 1,828,526 shares of the company's stock were exchanged, compared to its average volume of 3,261,616. The company's 50 day moving average is $126.02 and its 200-day moving average is $119.49. The company has a market cap of $53.12 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 1.77 and a beta of 1.15. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.60. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its 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 firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the prior year, the company earned $2.31 EPS. Equities analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th were issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

About Phillips 66

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.