Miller Howard Investments Inc. NY Sells 76,440 Shares of Phillips 66 $PSX

Miller Howard Investments Inc. NY decreased its position in shares of Phillips 66 (NYSE:PSX) by 26.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. 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 owned 0.05% of Phillips 66 worth $55,324,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of Phillips 66 during the second quarter worth $5,766,779,000. State Street Corp lifted its holdings in shares of Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after purchasing an additional 271,841 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at $1,093,206,000. Amundi lifted its holdings in shares of Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after purchasing an additional 1,403,493 shares during the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after purchasing an additional 35,167 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Trading Up 1.8%

NYSE PSX opened at $288.23 on Tuesday. The company has a fifty day simple moving average of $262.45 and a two-hundred day simple moving average of $195.08. The stock has a market cap of $115.01 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.16 and a beta of 0.71. Phillips 66 has a 12-month low of $127.16 and a 12-month high of $299.39. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.

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

Phillips 66 announced that its board has approved a share buyback program on Friday, July 31st that permits the company to repurchase $10 billion in outstanding shares. This buyback authorization permits the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Share buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be given a $1.33 dividend. This represents a $5.32 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, November 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s payout ratio is currently 28.95%.

Insiders Place Their Bets

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the business’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. The trade was a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 108,800 shares of company stock valued at $25,016,566 in the last 90 days. 0.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on PSX shares. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. The Goldman Sachs Group upped their target price on Phillips 66 from $245.00 to $274.00 and gave the company a “neutral” rating in a research report on Wednesday, September 30th. Weiss Ratings upgraded Phillips 66 from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. TD Cowen increased their price target on Phillips 66 from $295.00 to $308.00 and gave the company a “buy” rating in a research note on Thursday. Finally, Citigroup raised their price target on Phillips 66 from $217.00 to $297.00 and gave the stock a “neutral” rating in a report on Tuesday, October 13th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $269.88.

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.