Strategy Asset Managers LLC Decreases Stock Holdings in Phillips 66 (NYSE:PSX)

Strategy Asset Managers LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 39.6% in the first quarter, HoldingsChannel reports. The firm owned 3,246 shares of the oil and gas company’s stock after selling 2,129 shares during the period. Strategy Asset Managers LLC’s holdings in Phillips 66 were worth $401,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in PSX. Price T Rowe Associates Inc. MD lifted its stake 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 purchasing an additional 4,455,220 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth $142,185,000. GAMMA Investing LLC lifted its stake 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 purchasing an additional 1,181,240 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake 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 purchasing an additional 942,922 shares during the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Phillips 66 by 42.5% during the 4th quarter. Royal Bank of Canada now owns 1,497,300 shares of the oil and gas company’s stock worth $170,587,000 after purchasing an additional 446,444 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PSX shares. Barclays upped their target price on Phillips 66 from $115.00 to $127.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 9th. Scotiabank reaffirmed a “sector perform” rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Morgan Stanley upped their target price on Phillips 66 from $122.00 to $128.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 16th. UBS Group upped their target price on Phillips 66 from $141.00 to $143.00 and gave the company a “buy” rating in a research report on Monday, July 28th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $145.00 target price (up from $144.00) on shares of Phillips 66 in a research report on Monday. Ten research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $136.20.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction on Thursday, July 31st. The shares were bought at an average price of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares of the company’s stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael A. Heim purchased 1,000 shares of the stock in a transaction on Wednesday, July 30th. The shares were acquired at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the transaction, the director directly owned 12,043 shares of the company’s stock, valued at $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 1,939 shares of company stock valued at $237,725 in the last ninety days. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Stock Down 1.8%

Shares of PSX opened at $119.92 on Thursday. The company has a market capitalization of $48.46 billion, a price-to-earnings ratio of 28.83, a PEG ratio of 1.65 and a beta of 1.09. The stock’s 50-day moving average price is $122.88 and its 200-day moving average price is $118.92. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $140.85.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. During the same quarter in the prior year, the business posted $2.31 earnings per share. On average, sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.0%. Phillips 66’s dividend payout ratio is currently 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.