Mackay Shields LLC Sells 38,515 Shares of Phillips 66 (NYSE:PSX)

Mackay Shields LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 29.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,284 shares of the oil and gas company’s stock after selling 38,515 shares during the period. Mackay Shields LLC’s holdings in Phillips 66 were worth $9,245,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Buckingham Capital Management Inc. grew its holdings in shares of Phillips 66 by 7.3% during the first quarter. Buckingham Capital Management Inc. now owns 38,710 shares of the oil and gas company’s stock valued at $3,684,000 after buying an additional 2,625 shares during the last quarter. Private Trust Co. NA raised its position in Phillips 66 by 3.4% in the second quarter. Private Trust Co. NA now owns 7,848 shares of the oil and gas company’s stock worth $734,000 after acquiring an additional 261 shares during the period. Deane Retirement Strategies Inc. raised its position in Phillips 66 by 2.8% in the second quarter. Deane Retirement Strategies Inc. now owns 18,931 shares of the oil and gas company’s stock worth $1,771,000 after acquiring an additional 508 shares during the period. Montecito Bank & Trust raised its position in Phillips 66 by 4.1% in the second quarter. Montecito Bank & Trust now owns 2,679 shares of the oil and gas company’s stock worth $250,000 after acquiring an additional 105 shares during the period. Finally, Denali Advisors LLC raised its position in Phillips 66 by 39.3% in the second quarter. Denali Advisors LLC now owns 99,900 shares of the oil and gas company’s stock worth $9,345,000 after acquiring an additional 28,200 shares during the period. 69.33% of the stock is owned by hedge funds and other institutional investors.

PSX has been the topic of several recent research reports. Raymond James increased their price target on shares of Phillips 66 from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Scotiabank began coverage on shares of Phillips 66 in a research note on Tuesday, September 3rd. They set an “outperform” rating for the company. Macquarie began coverage on shares of Phillips 66 in a research note on Thursday, September 5th. They set an “outperform” rating for the company. JPMorgan Chase & Co. cut their target price on shares of Phillips 66 from $126.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised their target price on shares of Phillips 66 from $102.00 to $115.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and twelve have issued a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $118.80.

Shares of NYSE:PSX traded down $0.91 on Friday, reaching $118.66. The company’s stock had a trading volume of 215,502 shares, compared to its average volume of 2,719,108. Phillips 66 has a 52-week low of $78.44 and a 52-week high of $119.89. The company has a market cap of $52.84 billion, a P/E ratio of 10.13, a PEG ratio of 2.11 and a beta of 1.10. The company has a 50-day simple moving average of $108.14 and a 200 day simple moving average of $97.57. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.84 and a current ratio of 1.29.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 25th. The oil and gas company reported $3.11 EPS for the quarter, topping analysts’ consensus estimates of $2.60 by $0.51. Phillips 66 had a net margin of 4.17% and a return on equity of 19.31%. The business had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $28.31 billion. During the same period last year, the company posted $3.10 EPS. On average, equities research analysts forecast that Phillips 66 will post 8.65 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a $0.90 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 3.03%. Phillips 66’s payout ratio is currently 30.74%.

In other Phillips 66 news, EVP Robert A. Herman sold 47,433 shares of Phillips 66 stock in a transaction on Monday, September 16th. The shares were sold at an average price of $103.17, for a total value of $4,893,662.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.13% of the company’s stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.

Further Reading: Do investors pay a separate front-end load every time they buy additional shares?

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

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