Rafferty Asset Management LLC Trims Holdings in Phillips 66 $PSX

Rafferty Asset Management LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 7.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 119,261 shares of the oil and gas company’s stock after selling 9,053 shares during the period. Rafferty Asset Management LLC’s holdings in Phillips 66 were worth $16,222,000 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. Vanguard Group Inc. boosted its position in shares of Phillips 66 by 11.6% during the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after acquiring an additional 5,356,558 shares during the last quarter. Elliott Investment Management L.P. raised its stake in Phillips 66 by 22.4% during the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock worth $2,296,644,000 after purchasing an additional 3,526,000 shares during the period. Geode Capital Management LLC boosted its holdings in Phillips 66 by 17.4% in the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after purchasing an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Phillips 66 by 6.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after buying an additional 537,245 shares during the period. Finally, Norges Bank acquired a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $523,755,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the sale, the executive vice president directly owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. This represents a 16.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Brian Mandell sold 25,500 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the sale, the executive vice president owned 56,838 shares in the company, valued at $7,959,593.52. The trade was a 30.97% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 41,788 shares of company stock worth $6,067,250 in the last 90 days. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on PSX. Wolfe Research upped their price objective on Phillips 66 from $159.00 to $164.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Piper Sandler lifted their target price on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Raymond James Financial increased their price target on Phillips 66 from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Argus boosted their price objective on shares of Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Finally, Scotiabank reaffirmed a “sector perform” rating and set a $140.00 target price on shares of Phillips 66 in a research note on Friday, January 16th. Eleven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $160.11.

Phillips 66 Trading Up 1.0%

PSX opened at $153.91 on Friday. The business has a fifty day moving average price of $144.05 and a 200 day moving average price of $137.27. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.87. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $163.79. The stock has a market capitalization of $61.68 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 0.54 and a beta of 0.90.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The business had revenue of $32.16 billion during the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter last year, the business posted ($0.15) EPS. Sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be paid a $1.27 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date is Monday, February 23rd. Phillips 66’s payout ratio is presently 46.95%.

About Phillips 66

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.