Phillips 66 $PSX Shares Sold by Conning Inc.

Conning Inc. trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 2.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,635 shares of the oil and gas company’s stock after selling 110 shares during the quarter. Conning Inc.’s holdings in Phillips 66 were worth $434,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PSX. Elliott Investment Management L.P. raised its holdings in Phillips 66 by 1,929.0% during the 1st 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 buying an additional 14,950,000 shares during the period. Valeo Financial Advisors LLC increased its position in shares of Phillips 66 by 9,530.9% in the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock worth $172,564,000 after acquiring an additional 1,431,450 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Phillips 66 during the first quarter valued at approximately $156,482,000. Price T Rowe Associates Inc. MD lifted its position in shares of Phillips 66 by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock valued at $828,442,000 after acquiring an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. boosted its stake 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 purchasing an additional 653,248 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of PSX opened at $127.01 on Friday. Phillips 66 has a one year low of $91.01 and a one year high of $142.35. The company has a market capitalization of $51.33 billion, a PE ratio of 30.53, a price-to-earnings-growth ratio of 1.86 and a beta of 1.11. The company’s fifty day moving average price is $129.51 and its 200 day moving average price is $120.59. 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 (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 the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The business had revenue of $33.77 billion during the quarter, compared to analysts’ expectations of $32.11 billion. During the same quarter last year, the company earned $2.31 earnings per share. As a group, analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a dividend of $1.20 per share. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.8%. Phillips 66’s dividend payout ratio (DPR) is currently 115.38%.

Insider Buying and Selling

In related news, Director Gregory Hayes acquired 8,350 shares of the stock in a transaction dated Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the purchase, the director owned 29,423 shares in the company, valued at approximately $3,527,817.70. This trade represents a 39.62% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the company’s stock in a transaction dated Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 9,850 shares of company stock valued at $1,188,910 over the last ninety days. Company insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a “neutral” rating for the company. Evercore ISI increased their price objective on Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Phillips 66 in a research note on Wednesday. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a report on Saturday, July 26th. Finally, TD Cowen raised their price target on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a “buy” rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.75.

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.