California Public Employees Retirement System Sells 14,628 Shares of Phillips 66 $PSX

California Public Employees Retirement System cut its stake in Phillips 66 (NYSE:PSX) by 2.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 687,713 shares of the oil and gas company’s stock after selling 14,628 shares during the quarter. California Public Employees Retirement System owned 0.17% of Phillips 66 worth $125,288,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of PSX. MUFG Securities EMEA plc boosted its position in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Phillips 66 by 17.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock valued at $177,018,000 after purchasing an additional 199,646 shares during the last quarter. Truist Financial Corp increased its position in shares of Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares during the last quarter. Horizon Investments LLC raised its stake in shares of Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares during the period. Finally, Royal Fund Management LLC raised its stake in shares of Phillips 66 by 20.6% during the 4th quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock worth $6,958,000 after purchasing an additional 9,214 shares during the period. Institutional investors own 76.93% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 41,021 shares of company stock worth $7,195,257 in the last three months. Insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

NYSE PSX opened at $206.96 on Friday. The company has a market cap of $82.97 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 0.27 and a beta of 0.69. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $207.14. 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 firm’s 50-day simple moving average is $179.03 and its two-hundred day simple moving average is $165.49.

Phillips 66 (NYSE:PSX) last posted 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. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter last year, the company earned ($0.90) earnings per share. The company’s revenue was up 6.9% on a year-over-year basis. Research analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Citigroup lifted their price objective on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a research report on Tuesday. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. The Goldman Sachs Group increased their target price on shares of Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Tuesday, May 19th. Finally, TD Cowen lifted their price target on shares of Phillips 66 from $213.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $196.06.

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.