Royal Fund Management LLC Sells 2,322 Shares of Phillips 66 (NYSE:PSX)

Royal Fund Management LLC lowered its stake in Phillips 66 (NYSE:PSXFree Report) by 4.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 53,849 shares of the oil and gas company’s stock after selling 2,322 shares during the quarter. Phillips 66 makes up approximately 0.9% of Royal Fund Management LLC’s portfolio, making the stock its 24th largest holding. Royal Fund Management LLC’s holdings in Phillips 66 were worth $8,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale grew its stake in shares of Phillips 66 by 12.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 201,592 shares of the oil and gas company’s stock worth $26,501,000 after acquiring an additional 22,278 shares during the last quarter. Eldred Rock Partners LLC bought a new position in shares of Phillips 66 during the 4th quarter worth about $10,402,000. First Dallas Securities Inc. acquired a new position in shares of Phillips 66 during the third quarter valued at about $753,000. TIAA Trust National Association lifted its stake in shares of Phillips 66 by 32.9% in the fourth quarter. TIAA Trust National Association now owns 14,816 shares of the oil and gas company’s stock valued at $1,973,000 after buying an additional 3,670 shares during the period. Finally, Daiwa Securities Group Inc. grew its stake in shares of Phillips 66 by 27.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 48,601 shares of the oil and gas company’s stock valued at $6,470,000 after purchasing an additional 10,536 shares during the period. Institutional investors own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

PSX has been the subject of a number of analyst reports. Bank of America lifted their price objective on Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Scotiabank increased their price target on Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. The Goldman Sachs Group upped their price objective on Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Raymond James reduced their target price on Phillips 66 from $163.00 to $160.00 and set an “outperform” rating on the stock in a report on Thursday, May 30th. Finally, Barclays lowered their price target on Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 30th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $157.79.

Read Our Latest Stock Report on PSX

Insider Activity

In related news, EVP Timothy D. Roberts sold 37,742 shares of the business’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the transaction, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Price Performance

Shares of NYSE:PSX traded up $0.13 during trading on Friday, hitting $138.09. 6,463,625 shares of the company’s stock were exchanged, compared to its average volume of 2,005,362. The business’s 50-day simple moving average is $144.60 and its 200 day simple moving average is $144.33. The company has a market cap of $58.54 billion, a price-to-earnings ratio of 10.62, a PEG ratio of 1.95 and a beta of 1.37. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $174.08. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.17 and a quick ratio of 0.82.

Phillips 66 (NYSE:PSXGet Free Report) last issued its quarterly earnings data on Friday, April 26th. The oil and gas company reported $1.90 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. The firm had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. During the same quarter in the previous year, the business earned $4.21 EPS. As a group, equities analysts predict that Phillips 66 will post 11.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were given a dividend of $1.15 per share. The ex-dividend date was Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a yield of 3.33%. Phillips 66’s dividend payout ratio is 35.38%.

Phillips 66 Company 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.

See Also

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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