Royal London Asset Management Ltd. Sells 6,293 Shares of Phillips 66 $PSX

Royal London Asset Management Ltd. reduced its position in Phillips 66 (NYSE:PSX) by 3.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 164,804 shares of the oil and gas company’s stock after selling 6,293 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Phillips 66 were worth $27,860,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Brighton Jones LLC grew its stake in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP lifted its stake in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after buying an additional 10,089 shares during the period. Sei Investments Co. boosted its holdings in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after buying an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after buying an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its position in shares of Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at $13,242,925. This trade represents a 32.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 100,507 shares of company stock worth $21,770,810. Corporate insiders own 0.40% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on PSX shares. Raymond James Financial boosted their target price on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. BMO Capital Markets raised their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. UBS Group increased their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research report on Monday, July 27th. Finally, TD Cowen raised their target price on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $206.56.

Phillips 66 Stock Performance

NYSE PSX opened at $244.50 on Friday. Phillips 66 has a 1 year low of $126.74 and a 1 year high of $246.95. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The firm has a market cap of $97.56 billion, a price-to-earnings ratio of 13.93, a PEG ratio of 0.18 and a beta of 0.68. The company has a fifty day moving average price of $206.11 and a 200-day moving average price of $182.58.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the firm earned $2.38 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to buy up to 11.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is 28.95%.

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.