Rafferty Asset Management LLC Reduces Stock Position in Phillips 66 $PSX

Rafferty Asset Management LLC decreased its position in Phillips 66 (NYSE:PSX) by 16.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,042 shares of the oil and gas company’s stock after selling 23,794 shares during the quarter. Rafferty Asset Management LLC’s holdings in Phillips 66 were worth $15,193,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Price T Rowe Associates Inc. MD grew its stake in shares of Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares during the last quarter. Invesco Ltd. lifted its holdings in Phillips 66 by 15.9% in the 1st quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after buying an additional 653,248 shares during the period. Northern Trust Corp grew its position in shares of Phillips 66 by 10.6% in the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock worth $522,834,000 after buying an additional 440,107 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Phillips 66 by 11.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock worth $466,886,000 after buying an additional 377,132 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock valued at $383,197,000 after buying an additional 100,321 shares during the period. 76.93% of the stock is owned by institutional investors.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the sale, the executive vice president owned 43,373 shares in the company, valued at $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the firm’s stock in a transaction that occurred on Wednesday, June 18th. The shares were 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 of the company’s stock, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 9,850 shares of company stock valued at $1,188,910. 0.22% of the stock is currently owned by insiders.

Phillips 66 Trading Up 0.2%

Phillips 66 stock opened at $129.83 on Wednesday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The business’s fifty day simple moving average is $124.53 and its two-hundred day simple moving average is $119.15. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.85. The company has a market capitalization of $52.47 billion, a price-to-earnings ratio of 31.21, a price-to-earnings-growth ratio of 1.75 and a beta of 1.09.

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 for the quarter, beating the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion during 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 period last year, the company earned $2.31 earnings per share. As a group, equities 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 announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66’s payout ratio is 115.38%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Tudor Pickering lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Barclays upped their price objective on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. Wall Street Zen upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Compass Point started coverage on Phillips 66 in a report on Wednesday, June 18th. They set a “buy” rating on the stock. Finally, Morgan Stanley increased their target price on Phillips 66 from $122.00 to $128.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $136.20.

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.