Phillips 66 $PSX Stake Lowered by Wallington Asset Management LLC

Wallington Asset Management LLC trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 132,695 shares of the oil and gas company’s stock after selling 3,937 shares during the period. Phillips 66 comprises about 3.2% of Wallington Asset Management LLC’s holdings, making the stock its 9th biggest position. Wallington Asset Management LLC’s holdings in Phillips 66 were worth $24,174,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PSX. Norges Bank purchased a new position in shares of Phillips 66 in the fourth quarter valued at $640,206,000. M&T Bank Corp lifted its holdings in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after purchasing an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC purchased a new position in Phillips 66 during the second quarter worth $107,967,000. Finally, NewEdge Advisors LLC increased its position in Phillips 66 by 732.0% during the fourth quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock worth $128,647,000 after buying an additional 877,131 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In related news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction on Wednesday, May 6th. The shares were purchased at an average price of $173.12 per share, with a total value of $30,296.00. Following the purchase, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This represents a 23.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

PSX has been the topic of a number of analyst reports. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Morgan Stanley upped their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. TD Cowen lifted their price target on Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a report on Wednesday, April 1st. Finally, Citigroup increased their price objective on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $192.33.

Phillips 66 Stock Up 0.1%

NYSE PSX opened at $171.84 on Monday. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a fifty-two week low of $118.00 and a fifty-two week high of $190.61. The business has a 50 day moving average price of $172.94 and a two-hundred day moving average price of $160.16. The stock has a market cap of $68.90 billion, a PE ratio of 16.93, a P/E/G ratio of 0.24 and a beta of 0.68.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. During the same quarter in the previous year, the firm earned ($0.90) earnings per share. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Phillips 66 will post 18.22 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s payout ratio is presently 50.05%.

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.