Heritage Investors Management Corp Reduces Stake in Phillips 66 $PSX

Heritage Investors Management Corp reduced its stake in shares of Phillips 66 (NYSE:PSX) by 4.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,457 shares of the oil and gas company’s stock after selling 3,632 shares during the quarter. Heritage Investors Management Corp’s holdings in Phillips 66 were worth $13,565,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. Clifford Group LLC lifted its stake in shares of Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares during the last quarter. CYBER HORNET ETFs LLC boosted its holdings in shares of Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after purchasing an additional 66 shares during the period. GHP Investment Advisors Inc. increased its position in shares of Phillips 66 by 2.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock valued at $414,000 after purchasing an additional 72 shares during the last quarter. Johnson Financial Group Inc. increased its position in shares of Phillips 66 by 11.9% during the 4th quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock valued at $88,000 after purchasing an additional 72 shares during the last quarter. Finally, L2 Asset Management LLC raised its holdings in Phillips 66 by 4.0% during the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock valued at $257,000 after buying an additional 72 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. Barclays increased their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 8th. BMO Capital Markets raised their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Finally, Argus lifted their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $192.72.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction on Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

PSX opened at $176.40 on Friday. The business has a fifty day moving average of $174.12 and a 200 day moving average of $161.05. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The stock has a market cap of $70.72 billion, a P/E ratio of 17.38, a PEG ratio of 0.25 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the prior year, the company posted ($0.90) EPS. Phillips 66’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Phillips 66 will post 18.39 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s payout ratio is currently 50.05%.

Phillips 66 Profile

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.