Royal London Asset Management Ltd. Sells 6,293 Shares of Phillips 66 $PSX

Royal London Asset Management Ltd. lessened its stake in shares of Phillips 66 (NYSE:PSX) by 3.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 164,804 shares of the oil and gas company’s stock after selling 6,293 shares during the period. Royal London Asset Management Ltd.’s holdings in Phillips 66 were worth $27,860,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares during the period. Woodline Partners LP increased its stake in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Phillips 66 by 28.3% in the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after purchasing an additional 34,698 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co lifted its stake in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Barclays increased their price objective on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a report on Thursday, August 6th. Morgan Stanley boosted their target price on Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a research report on Wednesday, August 12th. TD Cowen lifted their price objective on Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wells Fargo & Company boosted their price objective on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $206.56.

Phillips 66 Stock Up 2.0%

PSX stock opened at $244.50 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $97.56 billion, a PE ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $246.95. The stock has a 50-day simple moving average of $206.11 and a two-hundred day simple moving average of $182.58.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) 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 firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm posted $2.38 earnings per share. On average, equities analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.

Phillips 66 declared that its Board of Directors has authorized a share repurchase program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction 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 completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction on 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 completion of the transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is owned by company insiders.

Phillips 66 Company 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.