Phillips 66 $PSX Stock: Torray Investment Partners LLC Decreases Holdings

Torray Investment Partners LLC cut its stake in shares of Phillips 66 (NYSE:PSX) by 9.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 106,820 shares of the oil and gas company’s stock after selling 10,975 shares during the quarter. Phillips 66 makes up 3.6% of Torray Investment Partners LLC’s portfolio, making the stock its 6th largest holding. Torray Investment Partners LLC’s holdings in Phillips 66 were worth $27,272,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. bought a new stake in shares of Phillips 66 in the 2nd quarter worth approximately $5,766,779,000. State Street Corp boosted its position in Phillips 66 by 1.1% during the 2nd quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company’s stock valued at $4,402,856,000 after purchasing an additional 271,841 shares during the period. Bank of New York Mellon Corp acquired a new position in Phillips 66 during the 2nd quarter valued at approximately $1,093,206,000. Amundi boosted its position in Phillips 66 by 62.0% during the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company’s stock valued at $668,137,000 after purchasing an additional 1,403,493 shares during the period. Finally, Bank of America Corp DE grew its stake in Phillips 66 by 1.2% during the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company’s stock worth $541,263,000 after buying an additional 35,167 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

More Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Analyst support: Morgan Stanley issued a Buy rating and raised its price target to $290, implying about 6.7% upside from the cited $271.86 share price. Morgan Stanley Issues a Buy Rating on Phillips 66 (PSX)
• Positive Sentiment: Refining momentum: Zacks included PSX among energy stocks showing momentum after October’s rally, pointing to strong quarterly earnings, favorable refining conditions and improving growth prospects. Buy 3 Energy Stocks as November Momentum Builds Up Post Choppy October
• Positive Sentiment: Renewable-fuels opportunity: Phillips 66’s long-term agreement with Restaurant Technologies will supply traceable used cooking oil for renewable fuel production in California, supporting feedstock availability for sustainable aviation fuel. The longer-term commercial potential may help diversify growth, though the articles provide no financial impact estimate. From Fryer to Flyer: Converting Used Cooking Oil into Sustainable Aviation Fuel
• Neutral Sentiment: Technical signal: Zacks noted PSX moved above its 20-day moving average, a short-term bullish indicator, but this chart signal does not establish a change in the company’s fundamentals. Phillips 66 (PSX) Just Flashed Golden Cross Signal: Do You Buy?
• Negative Sentiment: More cautious rating: Freedom Broker upgraded PSX from Sell to Hold and lifted its target to $258, which remains below the cited share price and signals limited near-term upside in its view. Freedom Broker recommendations

Analyst Ratings Changes

Several equities research analysts have weighed in on PSX shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $335.00 target price on shares of Phillips 66 in a research report on Monday, October 19th. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 7th. Morgan Stanley boosted their price target on shares of Phillips 66 from $284.00 to $290.00 and gave the company an “overweight” rating in a report on Monday. Freedom Broker upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating and upped their price target for the stock from $173.00 to $258.00 in a research report on Friday, October 30th. Finally, Wells Fargo & Company upped their price target on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research report on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.82.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $271.86 on Wednesday. The firm’s 50 day moving average is $267.41 and its two-hundred day moving average is $199.84. The firm has a market capitalization of $106.05 billion, a P/E ratio of 8.68, a PEG ratio of 0.15 and a beta of 0.69. The company has a current ratio of 1.34, a quick ratio of 1.04 and a debt-to-equity ratio of 0.49. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The business had revenue of $50.54 billion during the quarter, compared to the consensus estimate of $44.91 billion. During the same period in the previous year, the firm posted $2.52 earnings per share. Analysts anticipate that Phillips 66 will post 33.22 earnings per share for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be paid a dividend of $1.33 per share. This represents a $5.32 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, November 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is presently 16.22%.

Phillips 66 announced that its board has authorized a stock repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Share repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Phillips 66

In other news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total value of $6,202,404.00. Following the completion of the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. The trade was a 57.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 108,800 shares of company stock worth $25,016,566 in the last ninety days. 0.40% of the stock is owned by company insiders.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an energy manufacturing and logistics company headquartered in Houston, Texas. The company was established in 2012 following the separation of ConocoPhillips’ downstream and midstream businesses.

Phillips 66 operates across midstream, chemicals, refining and marketing. Its midstream activities include gathering, processing, transporting and storing crude oil, natural gas and natural gas liquids. Through its refining operations, the company converts crude oil and other feedstocks into gasoline, diesel, jet fuel, lubricants and other refined petroleum products.

The company markets fuel and related products under the Phillips 66, 76 and Conoco brands, serving retail, commercial, aviation and industrial customers.