GF Fund Management CO. LTD. Trims Stock Holdings in Phillips 66 (NYSE:PSX)

by · The Markets Daily

GF Fund Management CO. LTD. reduced its position in shares of Phillips 66 (NYSE:PSX – Free Report) by 3.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 109,388 shares of the oil and gas company’s stock after selling 4,334 shares during the period. GF Fund Management CO. LTD.’s holdings in Phillips 66 were worth $13,507,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Geode Capital Management LLC increased its stake in shares of Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company’s stock valued at $968,844,000 after purchasing an additional 82,758 shares during the period. Price T Rowe Associates Inc. MD increased its position in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company’s stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the period. Northern Trust Corp raised its stake in Phillips 66 by 10.6% during the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company’s stock valued at $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter worth $497,648,000. Finally, Invesco Ltd. increased its holdings in shares of Phillips 66 by 9.2% during the fourth quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company’s stock valued at $468,551,000 after purchasing an additional 347,905 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.3%

NYSE:PSX opened at $126.80 on Friday. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market capitalization of $51.66 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 1.98 and a beta of 1.02. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. The business’s fifty day moving average price is $116.48 and its 200 day moving average price is $116.98.

Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The company had revenue of $31.92 billion for the quarter, compared to analysts’ expectations of $31.93 billion. During the same quarter in the prior year, the firm earned $1.90 earnings per share. On average, sell-side analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Investors of record on Monday, May 19th were given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend was Monday, May 19th. This is a positive change from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s dividend payout ratio (DPR) is presently 109.34%.

Insiders Place Their Bets

In related news, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert W. Pease acquired 439 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director owned 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PSX. Raymond James Financial lowered their target price on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, April 28th. Compass Point assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a “buy” rating on the stock. Tudor Pickering cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 22nd. Finally, Scotiabank lowered their target price on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $133.93.

Get Our Latest Analysis on Phillips 66

Phillips 66 Profile

(Free Report)

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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