Davis R M Inc. Trims Stock Position in Phillips 66 $PSX

Davis R M Inc. decreased its stake in Phillips 66 (NYSE:PSX) by 1.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 335,625 shares of the oil and gas company’s stock after selling 5,723 shares during the quarter. Davis R M Inc. owned approximately 0.08% of Phillips 66 worth $45,652,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Vanguard Group Inc. lifted its holdings in Phillips 66 by 14.8% in the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after acquiring an additional 5,978,841 shares during the period. Norges Bank purchased a new position in shares of Phillips 66 during the 2nd quarter valued at approximately $523,755,000. Elliott Investment Management L.P. lifted its stake in shares of Phillips 66 by 22.4% in 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 during the period. Geode Capital Management LLC boosted its holdings in Phillips 66 by 17.4% during the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after buying an additional 1,532,967 shares in the last quarter. Finally, Soundwatch Capital LLC purchased a new stake in Phillips 66 during the second quarter worth $170,604,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction dated Wednesday, February 4th. The shares were 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 approximately $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Don Baldridge sold 7,500 shares of the stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the sale, the executive vice president owned 38,488 shares of the company’s stock, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,288 shares of company stock valued at $2,496,230 in the last ninety days. Insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of analyst reports. BMO Capital Markets reiterated an “outperform” rating and issued a $170.00 price objective on shares of Phillips 66 in a research report on Friday, February 6th. JPMorgan Chase & Co. cut their price target on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating for the company in a research note on Tuesday, January 13th. Wolfe Research increased their price target on Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Finally, Raymond James Financial upped their target price on Phillips 66 from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $160.11.

Phillips 66 Price Performance

NYSE:PSX opened at $153.91 on Monday. The stock has a 50 day moving average of $144.05 and a two-hundred day moving average of $137.37. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $163.79. The firm has a market cap of $61.68 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 0.54 and a beta of 0.86. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The firm had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. During the same period in the previous year, the company posted ($0.15) earnings per share. On average, analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be paid a dividend of $1.27 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Monday, February 23rd. This represents a $5.08 annualized dividend and a yield of 3.3%. Phillips 66’s dividend payout ratio is presently 46.95%.

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.