Brandywine Global Investment Management LLC Trims Holdings in Phillips 66 $PSX

Brandywine Global Investment Management LLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 2.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 280,896 shares of the oil and gas company’s stock after selling 5,683 shares during the period. Brandywine Global Investment Management LLC’s holdings in Phillips 66 were worth $36,247,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the fourth quarter worth about $26,000. Accordant Advisory Group Inc lifted its stake in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 during the 4th quarter valued at about $27,000. Stephens Consulting LLC boosted its holdings in Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 90 shares during the period. Finally, Dorato Capital Management acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the sale, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares of the company’s stock, valued at $1,517,193.37. This represents a 30.40% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 92,229 shares of company stock worth $15,990,030. 0.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

PSX has been the subject of several recent analyst reports. Mizuho upgraded Phillips 66 from a “neutral” rating to an “outperform” rating and raised their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. BMO Capital Markets upped their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Wolfe Research boosted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Barclays lifted their price target on Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 8th. Finally, Weiss Ratings lowered Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.28.

Phillips 66 Stock Up 0.1%

NYSE:PSX opened at $183.30 on Monday. The firm has a market capitalization of $73.49 billion, a PE ratio of 18.06, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. Phillips 66 has a 52 week low of $112.95 and a 52 week high of $190.61. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a 50 day moving average of $172.76 and a 200-day moving average of $156.30.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the company earned ($0.90) earnings per share. Analysts predict that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.8%. Phillips 66’s dividend payout ratio is 50.05%.

About Phillips 66

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.