Wakefield Asset Management LLLP Invests $317,000 in Phillips 66 (NYSE:PSX)

Wakefield Asset Management LLLP acquired a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,568 shares of the oil and gas company's stock, valued at approximately $317,000.

A number of other large investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after acquiring an additional 4,455,220 shares in the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 during the 4th quarter worth approximately $497,648,000. Capitolis Liquid Global Markets LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth approximately $142,185,000. GAMMA Investing LLC raised its holdings in shares of Phillips 66 by 14,119.5% during the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after acquiring an additional 1,181,240 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Phillips 66 by 157.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock worth $175,593,000 after acquiring an additional 942,922 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Down 2.9%

Shares of NYSE PSX traded down $3.67 during mid-day trading on Thursday, reaching $124.18. 3,505,930 shares of the company were exchanged, compared to its average volume of 2,756,013. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The stock has a market cap of $50.59 billion, a price-to-earnings ratio of 28.29, a P/E/G ratio of 1.95 and a beta of 1.02. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The firm has a 50-day moving average of $121.57 and a 200 day moving average of $118.52.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The business had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same quarter last year, the business posted $1.90 earnings per share. On average, research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.87%. The ex-dividend date is Tuesday, August 19th. Phillips 66's payout ratio is 109.34%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Citigroup cut Phillips 66 from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Piper Sandler lowered their price target on Phillips 66 from $148.00 to $147.00 and set a "neutral" rating for the company in a research report on Tuesday. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research report on Monday, April 28th. TD Cowen lifted their price target on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, May 13th. Finally, Wells Fargo & Company cut their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a report on Wednesday, June 11th. Ten investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $135.20.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.22% of the company's stock.

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.