Phillips 66 (NYSE:PSX) Position Cut by Invesco LLC

Invesco LLC decreased its position in shares of Phillips 66 (NYSE:PSX) by 0.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 35,791 shares of the oil and gas company’s stock after selling 115 shares during the quarter. Phillips 66 comprises about 1.8% of Invesco LLC’s investment portfolio, making the stock its 12th largest holding. Invesco LLC’s holdings in Phillips 66 were worth $4,419,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Forum Financial Management LP grew its holdings in Phillips 66 by 1.0% during the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company’s stock worth $853,000 after acquiring an additional 77 shares during the last quarter. NewEdge Wealth LLC raised its stake in shares of Phillips 66 by 0.5% in the fourth quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock worth $1,732,000 after acquiring an additional 81 shares during the last quarter. Nwam LLC lifted its position in shares of Phillips 66 by 2.2% during the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock worth $442,000 after purchasing an additional 85 shares in the last quarter. PFG Private Wealth Management LLC grew its stake in shares of Phillips 66 by 7.7% during the fourth quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock valued at $140,000 after purchasing an additional 88 shares during the last quarter. Finally, Tortoise Investment Management LLC increased its holdings in shares of Phillips 66 by 16.1% in the fourth quarter. Tortoise Investment Management LLC now owns 633 shares of the oil and gas company’s stock valued at $72,000 after purchasing an additional 88 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 2.9%

Shares of NYSE:PSX opened at $121.15 on Tuesday. The company has a 50 day moving average price of $112.91 and a two-hundred day moving average price of $117.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The company has a market capitalization of $49.36 billion, a PE ratio of 27.60, a PEG ratio of 1.94 and a beta of 1.02. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period last year, the firm earned $1.90 EPS. Analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a yield of 3.96%. This is a boost from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Monday, May 19th. Phillips 66’s payout ratio is presently 109.34%.

Insiders Place Their Bets

In other news, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president now owns 56,838 shares in the company, valued at $7,104,750. The trade was a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert W. Pease bought 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director now owns 4,091 shares in the company, valued at $465,760.35. This represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on PSX shares. Cantor Fitzgerald initiated coverage on Phillips 66 in a report on Wednesday, June 18th. They set a “neutral” rating on the stock. The Goldman Sachs Group downgraded Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 target price for the company. in a research report on Thursday, March 27th. Evercore ISI started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set an “outperform” rating and a $130.00 target price on the stock. Raymond James Financial reduced their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Finally, UBS Group dropped their price target on shares of Phillips 66 from $144.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of $133.93.

Phillips 66 Company 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.