76,440 Phillips 66 $PSX Shares Sold by Miller Howard Investments Inc. NY

Miller Howard Investments Inc. NY reduced its holdings in Phillips 66 (NYSE:PSX) by 26.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 216,695 shares of the oil and gas company’s stock after selling 76,440 shares during the period. Miller Howard Investments Inc. NY’s holdings in Phillips 66 were worth $55,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Deroy & Devereaux Private Investment Counsel Inc. acquired a new position in Phillips 66 during the third quarter valued at $207,000. Peterson Wealth Services boosted its holdings in Phillips 66 by 15.6% in the third quarter. Peterson Wealth Services now owns 2,079 shares of the oil and gas company’s stock valued at $531,000 after purchasing an additional 280 shares during the last quarter. 55 North Private Wealth LLC grew its position in Phillips 66 by 5.3% during the 3rd quarter. 55 North Private Wealth LLC now owns 2,604 shares of the oil and gas company’s stock worth $665,000 after purchasing an additional 132 shares during the period. James Hambro & Partners LLP acquired a new stake in Phillips 66 during the 3rd quarter worth about $213,000. Finally, V Square Quantitative Management LLC grew its position in Phillips 66 by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 8,621 shares of the oil and gas company’s stock worth $2,201,000 after purchasing an additional 318 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Activity

In related news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $13,242,925. This represents a 32.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard Harbison sold 52,100 shares of the stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president owned 39,094 shares in the company, valued at $8,747,673.44. This represents a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 108,800 shares of company stock valued at $25,016,566. 0.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Wells Fargo & Company lifted their price objective on Phillips 66 from $335.00 to $345.00 and gave the company an “overweight” rating in a research note on Wednesday, October 14th. UBS Group upped their target price on Phillips 66 from $235.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, September 8th. Citigroup upped their target price on Phillips 66 from $217.00 to $297.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 13th. Jefferies Financial Group reaffirmed a “hold” rating and set a $276.00 target price on shares of Phillips 66 in a report on Sunday, October 11th. Finally, Weiss Ratings upgraded Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $269.88.

Phillips 66 Stock Up 1.8%

PSX opened at $288.23 on Tuesday. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a fifty day moving average of $262.45 and a two-hundred day moving average of $195.08. The stock has a market capitalization of $115.01 billion, a price-to-earnings ratio of 16.42, a PEG ratio of 0.16 and a beta of 0.71.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $51 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. On average, research analysts expect that Phillips 66 will post 31.39 earnings per share for the current year.

Phillips 66 declared that its Board of Directors has authorized a stock buyback program on Friday, July 31st that allows the company to repurchase $10 billion in shares. This buyback authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Share buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be paid a $1.33 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $5.32 annualized dividend and a dividend yield of 1.8%. This is a boost from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.