State Board of Administration of Florida Retirement System lowered its stake in Phillips 66 (NYSE:PSX – Free Report) by 2.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 556,671 shares of the oil and gas company’s stock after selling 13,400 shares during the period. State Board of Administration of Florida Retirement System owned 0.12% of Phillips 66 worth $56,435,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. raised its stake in Phillips 66 by 0.3% during the first quarter. BlackRock Inc. now owns 37,428,804 shares of the oil and gas company’s stock worth $3,794,532,000 after acquiring an additional 102,139 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Phillips 66 by 0.6% in the 4th quarter. Wells Fargo & Company MN now owns 16,802,175 shares of the oil and gas company’s stock worth $1,748,770,000 after acquiring an additional 98,162 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in Phillips 66 by 100,843.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock valued at $1,038,646,000 after purchasing an additional 9,969,418 shares during the period. Wellington Management Group LLP grew its position in Phillips 66 by 44.3% in the 1st quarter. Wellington Management Group LLP now owns 8,623,978 shares of the oil and gas company’s stock worth $874,299,000 after purchasing an additional 2,646,979 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of Phillips 66 by 16.2% in the fourth quarter. Morgan Stanley now owns 6,961,625 shares of the oil and gas company’s stock valued at $724,566,000 after purchasing an additional 968,055 shares during the period. Institutional investors and hedge funds own 71.83% of the company’s stock.
Insider Transactions at Phillips 66
In other Phillips 66 news, EVP Timothy D. Roberts sold 12,970 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $124.41, for a total value of $1,613,597.70. Following the transaction, the executive vice president now owns 80,009 shares in the company, valued at $9,953,919.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Chairman Greg C. Garland sold 169,400 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $111.44, for a total transaction of $18,877,936.00. Following the completion of the sale, the chairman now owns 662,366 shares in the company, valued at approximately $73,814,067.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Timothy D. Roberts sold 12,970 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $124.41, for a total value of $1,613,597.70. Following the completion of the transaction, the executive vice president now directly owns 80,009 shares in the company, valued at $9,953,919.69. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 360,648 shares of company stock valued at $41,396,371. 4.57% of the stock is owned by insiders.
Phillips 66 Stock Down 0.9 %
Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported $3.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.54 by $0.33. The business had revenue of $35.74 billion during the quarter, compared to analyst estimates of $32.13 billion. Phillips 66 had a net margin of 6.81% and a return on equity of 26.25%. During the same period in the prior year, the firm earned $6.77 earnings per share. As a group, analysts expect that Phillips 66 will post 15.45 EPS for the current fiscal year.
Phillips 66 Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Stockholders of record on Friday, August 18th were issued a dividend of $1.05 per share. This represents a $4.20 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Thursday, August 17th. Phillips 66’s dividend payout ratio is currently 18.22%.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on PSX. The Goldman Sachs Group boosted their price target on Phillips 66 from $125.00 to $141.00 and gave the stock a “buy” rating in a research report on Friday, September 1st. Mizuho increased their price target on Phillips 66 from $118.00 to $127.00 and gave the company a “neutral” rating in a research note on Wednesday, August 16th. Morgan Stanley reissued an “equal weight” rating and issued a $125.00 price objective on shares of Phillips 66 in a research note on Wednesday, July 19th. Bank of America lowered Phillips 66 from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $132.00 to $141.00 in a report on Tuesday, August 15th. Finally, Wells Fargo & Company raised their price objective on shares of Phillips 66 from $130.00 to $144.00 and gave the company an “overweight” rating in a research report on Friday, September 8th. Six analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $129.47.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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