Acadian Asset Management LLC Lowers Holdings in Phillips 66 (NYSE:PSX)

Acadian Asset Management LLC trimmed its holdings in Phillips 66 (NYSE:PSX) by 77.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 19,534 shares of the oil and gas company’s stock after selling 68,742 shares during the quarter. Acadian Asset Management LLC’s holdings in Phillips 66 were worth $2,755,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Manning & Napier Advisors LLC purchased a new stake in Phillips 66 in the second quarter valued at $17,670,000. M&G Plc purchased a new stake in Phillips 66 in the second quarter valued at $3,596,000. Duality Advisers LP purchased a new stake in Phillips 66 in the first quarter valued at $3,596,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock worth $21,844,000 after acquiring an additional 39,775 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in shares of Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock worth $38,530,000 after acquiring an additional 36,116 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 0.8 %

PSX stock opened at $126.70 on Friday. The company has a market cap of $53.03 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 4.50 and a beta of 1.33. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56. Phillips 66 has a 12 month low of $107.85 and a 12 month high of $174.08. The firm has a 50-day moving average of $135.79 and a two-hundred day moving average of $144.17.

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

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a yield of 3.63%. Phillips 66’s payout ratio is 35.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. 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 research note on Thursday, June 20th. Raymond James increased their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Piper Sandler lowered their target price on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating on the stock in a research note on Friday, June 14th. Wolfe Research assumed coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered their target price on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Five research 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, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $156.92.

Insider Transactions at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.22% of the company’s stock.

Phillips 66 Company Profile

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.