Brandywine Global Investment Management LLC Reduces Holdings in Phillips 66 (NYSE:PSX)

Brandywine Global Investment Management LLC lowered its position in Phillips 66 (NYSE:PSX) by 5.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,035 shares of the oil and gas company’s stock after selling 125 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in Phillips 66 were worth $206,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bornite Capital Management LP bought a new stake in Phillips 66 in the first quarter valued at about $8,639,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Phillips 66 by 316.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock valued at $570,000 after buying an additional 5,012 shares during the period. Synovus Financial Corp grew its stake in Phillips 66 by 5.1% during the 1st quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock worth $1,405,000 after buying an additional 788 shares during the last quarter. Cibc World Market Inc. grew its position in shares of Phillips 66 by 61.9% during the first quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock worth $625,000 after acquiring an additional 2,766 shares during the last quarter. Finally, Blair William & Co. IL increased its holdings in shares of Phillips 66 by 103.8% in the 1st quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock worth $4,625,000 after acquiring an additional 27,267 shares during the period. 71.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, VP Joseph Scott Pruitt sold 7,000 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $117.02, for a total transaction of $819,140.00. Following the transaction, the vice president now owns 6,682 shares in the company, valued at approximately $781,927.64. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Phillips 66 news, EVP Timothy D. Roberts sold 12,970 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $124.41, for a total value of $1,613,597.70. Following the transaction, the executive vice president now owns 80,009 shares of the company’s stock, valued at $9,953,919.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Joseph Scott Pruitt sold 7,000 shares of the stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $117.02, for a total value of $819,140.00. Following the completion of the sale, the vice president now owns 6,682 shares of the company’s stock, valued at $781,927.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 360,648 shares of company stock valued at $41,396,371. 4.57% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PSX has been the subject of several research analyst reports. Piper Sandler upped their price objective on shares of Phillips 66 from $130.00 to $136.00 in a report on Friday, August 4th. StockNews.com assumed coverage on Phillips 66 in a research report on Thursday, August 17th. They issued a “hold” rating for the company. Mizuho raised their target price on shares of Phillips 66 from $127.00 to $131.00 and gave the stock a “neutral” rating in a report on Monday. Argus lifted their price objective on shares of Phillips 66 from $125.00 to $134.00 and gave the stock a “buy” rating in a research report on Monday, August 14th. Finally, The Goldman Sachs Group lifted their target price on Phillips 66 from $125.00 to $141.00 and gave the company a “buy” rating in a research note on Friday, September 1st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $129.87.

Phillips 66 Trading Up 1.2 %

Shares of PSX opened at $122.45 on Tuesday. The firm has a market capitalization of $54.53 billion, a price-to-earnings ratio of 5.31, a P/E/G ratio of 0.42 and a beta of 1.37. The company has a quick ratio of 0.90, a current ratio of 1.33 and a debt-to-equity ratio of 0.61. Phillips 66 has a 12-month low of $74.02 and a 12-month high of $125.19. The stock’s 50-day moving average price is $111.93 and its 200 day moving average price is $102.58.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported $3.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.54 by $0.33. The company had revenue of $35.74 billion during the quarter, compared to analysts’ expectations of $32.13 billion. Phillips 66 had a net margin of 6.81% and a return on equity of 26.25%. During the same quarter in the prior year, the company posted $6.77 EPS. As a group, research analysts predict that Phillips 66 will post 15.63 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a $1.05 dividend. This represents a $4.20 annualized dividend and a dividend yield of 3.43%. The ex-dividend date of this dividend was Thursday, August 17th. Phillips 66’s payout ratio is currently 18.22%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.