Groupama Asset Managment Trims Stock Holdings in Phillips 66 $PSX

Groupama Asset Managment reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 37.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,713 shares of the oil and gas company’s stock after selling 4,602 shares during the period. Groupama Asset Managment’s holdings in Phillips 66 were worth $1,405,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PSX. Vanguard Group Inc. increased its stake in Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp boosted its stake in shares of Phillips 66 by 0.8% during the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after purchasing an additional 175,616 shares during the period. Geode Capital Management LLC boosted its stake in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after purchasing an additional 45,340 shares during the period. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth about $640,206,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Phillips 66 by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock worth $509,006,000 after purchasing an additional 89,621 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group lifted their price objective on shares of Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a report on Thursday, July 9th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Barclays raised their target price on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Scotiabank lifted their price target on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, Argus boosted their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $201.72.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $211.56 on Friday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock’s fifty day moving average price is $185.51 and its 200-day moving average price is $170.67. The firm has a market cap of $84.82 billion, a P/E ratio of 20.84, a P/E/G ratio of 0.17 and a beta of 0.69. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $216.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same period in the prior year, the firm earned ($0.90) earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities research analysts expect that Phillips 66 will post 22.43 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. Phillips 66’s payout ratio is currently 50.05%.

Phillips 66 declared that its board has approved a stock buyback program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the company’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 45,107 shares of company stock worth $8,057,584. 0.40% of the stock is currently owned by corporate insiders.

More Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66’s board authorized an additional $10 billion for share repurchases. The expanded authorization gives the refiner substantial flexibility to return capital, potentially reducing the share count, supporting future earnings per share and signaling management’s confidence in the company’s long-term cash generation. Phillips 66 approves $10 billion increase to share repurchase program
• Positive Sentiment: Recent strength across energy stocks and better-than-expected results from refining peer Valero Energy suggest a supportive sector backdrop for Phillips 66 ahead of its own quarterly report. Valero Energy Beats Q2 Earnings and Revenue Estimates
• Neutral Sentiment: Analysts are focusing on Phillips 66’s upcoming earnings, with expectations supported by softer crude costs and potentially stronger refinery margins. The report could provide the next major catalyst for PSX.
• Negative Sentiment: The stock’s premium valuation raises the stakes for the upcoming results. Any disappointment in refining margins, guidance or cash flow could limit the benefit of the buyback announcement. Phillips 66’s Q2 Earnings on Deck: Should You Bet on the Stock?

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.