California State Teachers Retirement System Reduces Position in Phillips 66 $PSX

California State Teachers Retirement System decreased its holdings in shares of Phillips 66 (NYSE:PSX) by 3.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 467,419 shares of the oil and gas company’s stock after selling 15,380 shares during the period. California State Teachers Retirement System owned about 0.12% of Phillips 66 worth $85,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Insider Buying and Selling at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 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 of the company’s stock, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 45,107 shares of company stock worth $8,057,584 over the last ninety days. Company insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PSX shares. Barclays upped their price target on shares of Phillips 66 from $177.00 to $183.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. Morgan Stanley lifted their target price 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. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. BMO Capital Markets lifted their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Finally, Scotiabank upped their price objective on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $201.72.

Phillips 66 Stock Performance

Phillips 66 stock opened at $206.97 on Thursday. The company’s 50-day moving average price is $184.11 and its 200-day moving average price is $169.90. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The company has a market cap of $82.98 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 0.16 and a beta of 0.69. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $216.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.90) EPS. On average, equities research analysts forecast that Phillips 66 will post 22.43 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. Phillips 66’s dividend payout ratio is 50.05%.

Key Stories Impacting Phillips 66

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

• Positive Sentiment: Energy-sector momentum: Energy stocks rallied late Wednesday, with the NYSE Energy Sector Index rising 2.3%, providing a favorable backdrop for refiners such as Phillips 66. Sector Update: Energy Stocks Gain Late Afternoon
• Positive Sentiment: Refining margins remain supportive: Iran-related supply disruptions and record crack spreads are improving the earnings outlook for U.S. refiners. Phillips 66 has also benefited from better recent results, shareholder returns and a quarterly dividend of $1.27, or $5.08 annualized. Phillips 66 Gains On Refining Strength, Is The Stock Fully Priced?
• Positive Sentiment: Potential asset-sale proceeds: Phillips 66 and Shell are reportedly considering selling their stakes in Explorer, which owns a major refined-products pipeline valued at approximately $3.5 billion. A transaction could unlock value and strengthen PSX’s balance sheet, although no deal is confirmed. Shell, Phillips 66 weigh sale of stakes in $3.5 billion US pipeline Explorer

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.