California Public Employees Retirement System Sells 14,628 Shares of Phillips 66 $PSX

California Public Employees Retirement System lowered its stake in Phillips 66 (NYSE:PSX) by 2.1% during the 1st quarter, Holdings Channel reports. The institutional investor owned 687,713 shares of the oil and gas company’s stock after selling 14,628 shares during the period. California Public Employees Retirement System’s holdings in Phillips 66 were worth $125,288,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Board of the Pension Protection Fund bought a new stake in Phillips 66 in the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc boosted its stake in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC bought a new position in shares of Phillips 66 in the fourth quarter worth approximately $27,000. NFSG Corp increased its stake in shares of Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock worth $27,000 after buying an additional 75 shares during the period. Finally, SWAN Capital LLC increased its stake in shares of Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after buying an additional 190 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 41,021 shares of company stock worth $7,195,257 over the last 90 days. 0.40% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $206.96 on Friday. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $207.14. The stock has a market capitalization of $82.97 billion, a P/E ratio of 20.39, a P/E/G ratio of 0.27 and a beta of 0.69. The company’s 50-day moving average is $179.03 and its 200 day moving average is $165.49. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the business posted ($0.90) earnings per share. On average, sell-side analysts expect that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Wall Street Analysts Forecast Growth

PSX has been the subject of several analyst reports. Wolfe Research increased their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Raymond James Financial increased their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Argus raised their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $196.06.

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.