Bahl & Gaynor Inc. Sells 268,891 Shares of Phillips 66 $PSX

Bahl & Gaynor Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 31.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 585,652 shares of the oil and gas company’s stock after selling 268,891 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Phillips 66 were worth $79,660,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Phillips 66 by 14.8% during the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after purchasing an additional 5,978,841 shares during the last quarter. Norges Bank purchased a new position in shares of Phillips 66 in the 2nd quarter worth about $523,755,000. Elliott Investment Management L.P. grew its position in Phillips 66 by 22.4% during the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after buying an additional 3,526,000 shares during the period. Geode Capital Management LLC increased its holdings in Phillips 66 by 17.4% during the second quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock worth $1,226,815,000 after buying an additional 1,532,967 shares during the last quarter. Finally, Soundwatch Capital LLC bought a new stake in Phillips 66 in the second quarter worth about $170,604,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Activity at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Don Baldridge sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total transaction of $1,200,000.00. Following the completion of the transaction, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. The trade was a 16.31% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 16,288 shares of company stock valued at $2,496,230. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PSX shares. Raymond James Financial increased their target price on shares of Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. Wells Fargo & Company increased their price objective on Phillips 66 from $162.00 to $163.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b-)” rating in a research report on Monday, February 23rd. JPMorgan Chase & Co. dropped their price target on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 13th. Finally, The Goldman Sachs Group increased their price target on Phillips 66 from $152.00 to $164.00 and gave the stock a “neutral” rating in a research note on Thursday, January 22nd. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $160.11.

Phillips 66 Price Performance

Phillips 66 stock opened at $153.91 on Monday. Phillips 66 has a one year low of $91.01 and a one year high of $163.79. The business has a fifty day moving average price of $144.05 and a 200-day moving average price of $137.37. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The firm has a market capitalization of $61.68 billion, a P/E ratio of 14.22, a PEG ratio of 0.54 and a beta of 0.86.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. During the same period in the previous year, the company posted ($0.15) EPS. As a group, equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd will be given a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date is Monday, February 23rd. Phillips 66’s dividend payout ratio (DPR) is 46.95%.

Phillips 66 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.