Intech Investment Management LLC Lowers Stock Position in Phillips 66 $PSX

Intech Investment Management LLC trimmed its holdings in Phillips 66 (NYSE:PSX) by 17.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,863 shares of the oil and gas company’s stock after selling 4,473 shares during the quarter. Intech Investment Management LLC’s holdings in Phillips 66 were worth $2,489,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Elliott Investment Management L.P. increased its stake in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares during the period. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 17.4% during the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after buying an additional 1,532,967 shares during the last quarter. Valeo Financial Advisors LLC increased its position in Phillips 66 by 9,530.9% in the 2nd quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after acquiring an additional 1,431,450 shares during the period. Nuveen LLC acquired a new position in Phillips 66 in the 1st quarter valued at about $156,482,000. Finally, Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 11.3% during 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 acquiring an additional 682,459 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $134.40 on Thursday. The company has a market cap of $54.15 billion, a P/E ratio of 36.72, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08. Phillips 66 has a one year low of $91.01 and a one year high of $143.25. The business has a fifty day moving average of $134.28 and a two-hundred day moving average of $126.70. 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) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. The business had revenue of $33.69 billion during the quarter, compared to the consensus estimate of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. During the same quarter last year, the firm posted $2.04 EPS. As a group, analysts predict that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. Phillips 66’s payout ratio is 131.15%.

Insider Buying and Selling

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm’s stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president directly owned 34,587 shares of the company’s stock, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction on Friday, November 7th. The stock was sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer directly owned 89,771 shares of the company’s stock, valued at approximately $12,388,398. This represents a 25.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 38,786 shares of company stock worth $5,348,075. Insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Jefferies Financial Group lifted their target price on Phillips 66 from $133.00 to $137.00 and gave the company a “hold” rating in a research note on Friday, October 10th. Evercore ISI increased their price target on Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. UBS Group reiterated a “buy” rating and issued a $160.00 price objective on shares of Phillips 66 in a research report on Monday, November 10th. Wall Street Zen upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research report on Saturday, November 1st. Finally, Argus upgraded shares of Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, Phillips 66 has a consensus rating of “Hold” and an average target price of $145.71.

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.