Invesco LLC Cuts Position in Phillips 66 (NYSE:PSX)

Invesco LLC decreased its position in Phillips 66 (NYSE:PSX) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,791 shares of the oil and gas company’s stock after selling 115 shares during the quarter. Phillips 66 accounts for about 1.8% of Invesco LLC’s holdings, making the stock its 12th biggest holding. Invesco LLC’s holdings in Phillips 66 were worth $4,419,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Norges Bank purchased a new stake in Phillips 66 during the 4th quarter worth about $497,648,000. Raymond James Financial Inc. acquired a new position in shares of Phillips 66 during the 4th quarter worth about $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in shares of Phillips 66 during the 4th quarter worth about $142,185,000. Finally, GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 1,181,240 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $121.15 on Tuesday. The company has a market cap of $49.36 billion, a P/E ratio of 27.60, a P/E/G ratio of 1.94 and a beta of 1.02. The firm’s 50 day moving average is $112.91 and its two-hundred day moving average is $117.00. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $150.12. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63.

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

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were paid a $1.20 dividend. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.96%. Phillips 66’s payout ratio is 109.34%.

Analyst Ratings Changes

Several brokerages have recently issued reports on PSX. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. Raymond James Financial reduced their price target on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, April 9th. Scotiabank decreased their price objective on shares of Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating for the company in a research note on Friday, April 11th. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 22nd. Finally, Wells Fargo & Company reduced their target price on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a report on Wednesday, June 11th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $133.93.

Insider Buying and Selling

In other Phillips 66 news, Director Robert W. Pease acquired 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average price of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director now directly owns 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Brian Mandell sold 9,800 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 56,838 shares in the company, valued at $7,104,750. This represents a 14.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.22% of the company’s stock.

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.