Bahl & Gaynor Inc. Has $79.66 Million Stake in Phillips 66 $PSX

Bahl & Gaynor Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 31.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 585,652 shares of the oil and gas company’s stock after selling 268,891 shares during the period. Bahl & Gaynor Inc. owned about 0.15% of Phillips 66 worth $79,660,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after purchasing an additional 3,526,000 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Phillips 66 by 57.4% in the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company’s stock valued at $7,734,000 after buying an additional 20,742 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Phillips 66 by 5.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company’s stock worth $28,523,000 after buying an additional 10,000 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after buying an additional 5,978,841 shares during the period. Finally, California Public Employees Retirement System increased its stake in shares of Phillips 66 by 3.9% in the 2nd quarter. California Public Employees Retirement System now owns 696,577 shares of the oil and gas company’s stock valued at $83,102,000 after acquiring an additional 26,238 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of the firm’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. This trade represents a 16.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of Phillips 66 stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 16,288 shares of company stock valued at $2,496,230 over the last three months. 0.22% of the stock is currently owned by insiders.

Phillips 66 Trading Up 1.0%

NYSE:PSX opened at $153.91 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. Phillips 66 has a one year low of $91.01 and a one year high of $163.79. The company has a market cap of $61.68 billion, a PE ratio of 14.22, a PEG ratio of 0.54 and a beta of 0.86. The firm has a 50-day moving average of $144.05 and a 200-day moving average of $137.37.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter in the previous year, the business earned ($0.15) EPS. As a group, equities research analysts expect that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Investors of record on Monday, February 23rd will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 3.3%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date is Monday, February 23rd. Phillips 66’s dividend payout ratio is currently 46.95%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on PSX shares. Raymond James Financial increased their target price on shares of Phillips 66 from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $152.00 to $164.00 and gave the stock a “neutral” rating in a research report on Thursday, January 22nd. Mizuho boosted their target price on Phillips 66 from $150.00 to $152.00 and gave the company a “neutral” rating in a research report on Monday, January 12th. Finally, Argus upped their price target on Phillips 66 from $152.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $160.11.

About Phillips 66

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.