Panagora Asset Management Inc. Reduces Position in Phillips 66 (NYSE:PSX)

Panagora Asset Management Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 48.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,864 shares of the oil and gas company’s stock after selling 8,380 shares during the quarter. Panagora Asset Management Inc.’s holdings in Phillips 66 were worth $1,251,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PSX. Madison Park Capital Advisors LLC raised its stake in shares of Phillips 66 by 3.0% in the first quarter. Madison Park Capital Advisors LLC now owns 2,346 shares of the oil and gas company’s stock worth $383,000 after buying an additional 68 shares during the period. Premier Path Wealth Partners LLC raised its stake in Phillips 66 by 1.6% during the 1st quarter. Premier Path Wealth Partners LLC now owns 4,464 shares of the oil and gas company’s stock worth $729,000 after acquiring an additional 71 shares during the period. Warwick Investment Management Inc. raised its stake in Phillips 66 by 3.1% during the 4th quarter. Warwick Investment Management Inc. now owns 2,395 shares of the oil and gas company’s stock worth $319,000 after acquiring an additional 73 shares during the period. MV Capital Management Inc. lifted its holdings in Phillips 66 by 9.6% during the first quarter. MV Capital Management Inc. now owns 837 shares of the oil and gas company’s stock valued at $137,000 after purchasing an additional 73 shares in the last quarter. Finally, HCR Wealth Advisors boosted its position in shares of Phillips 66 by 2.9% in the fourth quarter. HCR Wealth Advisors now owns 2,640 shares of the oil and gas company’s stock worth $351,000 after purchasing an additional 74 shares during the period. 76.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PSX has been the topic of a number of analyst reports. Barclays lifted their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Wells Fargo & Company dropped their price objective on Phillips 66 from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Wednesday, July 31st. StockNews.com downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research note on Monday, May 6th. Raymond James upped their price target on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, Mizuho lowered their target price on shares of Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $157.38.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total value of $4,170,300.00. Following the sale, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Up 2.8 %

Shares of NYSE:PSX opened at $140.31 on Monday. The company has a market cap of $59.48 billion, a price-to-earnings ratio of 10.79, a PEG ratio of 2.53 and a beta of 1.34. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. The company has a 50-day moving average price of $137.85 and a 200 day moving average price of $145.24.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the company earned $3.87 EPS. As a group, equities research analysts predict that Phillips 66 will post 9.25 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

About Phillips 66

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.