Candriam S.C.A. Lowers Stake in Phillips 66 $PSX

Candriam S.C.A. cut its holdings in shares of Phillips 66 (NYSE:PSX) by 14.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,081 shares of the oil and gas company’s stock after selling 3,441 shares during the quarter. Candriam S.C.A.’s holdings in Phillips 66 were worth $2,867,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PSX. Vanguard Group Inc. increased its stake in Phillips 66 by 14.8% during the second quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock worth $5,531,702,000 after acquiring an additional 5,978,841 shares during the last quarter. Elliott Investment Management L.P. grew its holdings 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 worth $2,296,644,000 after purchasing an additional 3,526,000 shares during the period. Geode Capital Management LLC increased its position in Phillips 66 by 17.4% during the 2nd 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 purchasing an additional 1,532,967 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after buying an additional 537,245 shares during the period. Finally, Norges Bank acquired a new position in Phillips 66 during the second quarter valued at approximately $523,755,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent research reports. Wolfe Research increased their price objective on shares of Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. UBS Group reissued a “buy” rating and issued a $172.00 price objective on shares of Phillips 66 in a research report on Friday, February 6th. Morgan Stanley boosted their price objective on Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 5th. Jefferies Financial Group upped their target price on Phillips 66 from $137.00 to $149.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Finally, JPMorgan Chase & Co. dropped their target price on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $157.18.

Insider Transactions at Phillips 66

In related news, EVP Brian Mandell sold 26,200 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total value of $3,607,216.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company’s stock, valued at $7,825,455.84. The trade was a 31.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total value of $659,100.00. Following the sale, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 60,488 shares of company stock valued at $8,474,466 over the last quarter. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Performance

Phillips 66 stock opened at $161.32 on Thursday. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $161.53. The company has a current ratio of 1.23, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The stock has a market cap of $65.00 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 0.56 and a beta of 0.90. The stock has a 50 day moving average of $139.65 and a 200-day moving average of $134.43.

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 net margin of 3.22% and a return on equity of 9.28%. The business had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. During the same quarter in the previous year, the firm earned ($0.15) earnings per share. On average, 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. Stockholders of record on Monday, February 23rd will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. Phillips 66’s dividend payout ratio is 44.36%.

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.