Phillips 66 $PSX Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP has significantly reduced its holdings in Phillips 66 by 78.6%, now owning 126,209 shares valued at approximately $15.58 million.
• Other institutional investors such as Invesco Ltd. and Goldman Sachs have increased their stakes in Phillips 66 during the same quarter, indicating mixed investor sentiment.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, with an annualized yield of 3.7%, despite a dividend payout ratio of 115.38%.

Wellington Management Group LLP lowered its stake in Phillips 66 (NYSE:PSX - Free Report) by 78.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 126,209 shares of the oil and gas company's stock after selling 463,204 shares during the period. Wellington Management Group LLP's holdings in Phillips 66 were worth $15,584,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Pacific Center for Financial Services purchased a new position in shares of Phillips 66 during the fourth quarter worth $27,000. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 in the first quarter valued at about $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at about $28,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Phillips 66 in the fourth quarter valued at about $29,000. Finally, Opal Wealth Advisors LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at about $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Activity

In other Phillips 66 news, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were purchased at an average cost of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following 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. Insiders bought 9,850 shares of company stock worth $1,188,910 over the last 90 days. Company insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PSX. Tudor Pickering lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Compass Point began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "buy" rating on the stock. Morgan Stanley boosted their price target on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Wells Fargo & Company lowered their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. Finally, UBS Group boosted their price target on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $136.20.

Phillips 66 Trading Up 0.6%

Shares of Phillips 66 stock traded up $0.86 on Friday, reaching $133.69. The company had a trading volume of 1,530,714 shares, compared to its average volume of 2,010,903. The firm's 50 day moving average price is $125.03 and its two-hundred day moving average price is $119.33. The firm has a market cap of $54.03 billion, a PE ratio of 32.14, a PEG ratio of 1.80 and a beta of 1.09. 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 quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating 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 net margin of 1.27% and a return on equity of 4.87%. During the same period in the previous year, the firm earned $2.31 EPS. Sell-side analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's payout ratio is 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.