State Board of Administration of Florida Retirement System Grows Stock Holdings in Phillips 66 $PSX

State Board of Administration of Florida Retirement System increased its position in shares of Phillips 66 (NYSE:PSX) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 390,982 shares of the oil and gas company’s stock after purchasing an additional 4,380 shares during the period. State Board of Administration of Florida Retirement System owned 0.10% of Phillips 66 worth $46,644,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Elliott Investment Management L.P. raised its holdings in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares in the last quarter. Chronos Wealth Management LLC purchased a new position in shares of Phillips 66 in the 2nd quarter valued at $281,000. Sustainable Insight Capital Management LLC acquired a new stake in Phillips 66 during the 1st quarter worth $1,457,000. Evergreen Wealth Solutions LLC purchased a new stake in Phillips 66 in the first quarter valued at $292,000. Finally, Vanguard Group Inc. boosted its stake in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on PSX shares. Morgan Stanley raised their price objective on Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a report on Friday, October 3rd. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Wall Street Zen raised Phillips 66 from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. BMO Capital Markets lifted their target price on shares of Phillips 66 from $152.00 to $160.00 in a report on Tuesday, November 11th. Finally, TD Cowen increased their price target on shares of Phillips 66 from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $145.71.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 26,200 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,825,455.84. The trade was a 31.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the 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 transaction, the executive vice president directly owned 34,587 shares of the company’s stock, valued at approximately $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 64,986 shares of company stock valued at $8,955,291. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

Phillips 66 stock opened at $137.15 on Friday. The business has a 50 day simple moving average of $134.67 and a 200-day simple moving average of $127.79. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $143.25. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The stock has a market capitalization of $55.26 billion, a PE ratio of 37.47, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. The company had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period in the previous year, the company posted $2.04 EPS. Equities analysts predict 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 Monday, December 1st. Investors of record on Monday, November 17th will be given a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.5%. Phillips 66’s dividend payout ratio (DPR) is presently 131.15%.

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.