Advisors Asset Management Inc. Cuts Position in Phillips 66 $PSX

Advisors Asset Management Inc. trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 10.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,870 shares of the oil and gas company’s stock after selling 6,476 shares during the quarter. Advisors Asset Management Inc.’s holdings in Phillips 66 were worth $7,022,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. von Borstel & Associates Inc. bought a new stake in Phillips 66 in the first quarter worth about $27,000. Olde Wealth Management LLC bought a new stake in shares of Phillips 66 in the 1st quarter worth approximately $28,000. Opal Wealth Advisors LLC purchased a new stake in Phillips 66 in the first quarter worth $29,000. Pacific Center for Financial Services bought a new stake in shares of Phillips 66 in the fourth quarter valued at $27,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at $29,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Performance

NYSE:PSX opened at $130.64 on Thursday. The company has a market capitalization of $52.80 billion, a price-to-earnings ratio of 31.40, a PEG ratio of 1.81 and a beta of 1.15. The business has a 50 day moving average of $125.79 and a 200 day moving average of $119.47. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.60.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.The company had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same quarter in the previous year, the company posted $2.31 EPS. On average, sell-side 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 was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Tuesday, August 19th. Phillips 66’s dividend payout ratio (DPR) is presently 115.38%.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Michael A. Heim acquired 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the purchase, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 9,850 shares of company stock valued at $1,188,910 over the last 90 days. 0.22% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Compass Point assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a “buy” rating on the stock. Wall Street Zen raised shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Bank of America cut shares of Phillips 66 from a “buy” rating to a “neutral” rating and boosted their target price for the company from $144.00 to $147.00 in a report on Wednesday. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They set a “neutral” rating for the company. Finally, Morgan Stanley lifted their price objective on Phillips 66 from $122.00 to $128.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 16th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $135.60.

Phillips 66 Profile

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.