QRG Capital Management Inc. Lowers Holdings in Phillips 66 (NYSE:PSX)

QRG Capital Management Inc. reduced its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 23.5% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 64,110 shares of the oil and gas company's stock after selling 19,695 shares during the quarter. QRG Capital Management Inc.'s holdings in Phillips 66 were worth $8,427,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Boston Partners increased its position in shares of Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company's stock valued at $889,214,000 after purchasing an additional 1,595,722 shares during the last quarter. Vanguard Group Inc. raised its position in Phillips 66 by 4.0% in the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company's stock worth $6,741,218,000 after acquiring an additional 1,578,669 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Phillips 66 by 96.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,863,603 shares of the oil and gas company's stock valued at $467,743,000 after acquiring an additional 1,408,954 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company's stock valued at $1,189,035,000 after acquiring an additional 402,925 shares during the period. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Phillips 66 by 1,087.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 432,003 shares of the oil and gas company's stock worth $70,563,000 after purchasing an additional 395,617 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

PSX has been the topic of several recent research reports. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an "overweight" rating on the stock in a report on Wednesday, October 2nd. Mizuho lowered their target price on shares of Phillips 66 from $154.00 to $150.00 and set a "neutral" rating on the stock in a report on Monday, September 16th. Bank of America initiated coverage on Phillips 66 in a research report on Thursday, October 17th. They issued a "buy" rating and a $156.00 price target for the company. Scotiabank dropped their price objective on Phillips 66 from $145.00 to $136.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. Finally, UBS Group decreased their price target on Phillips 66 from $150.00 to $138.00 and set a "buy" rating on the stock in a research report on Monday. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $150.38.

Phillips 66 Stock Up 0.7 %

Shares of Phillips 66 stock traded up $0.79 during midday trading on Tuesday, hitting $121.82. The company had a trading volume of 2,078,101 shares, compared to its average volume of 2,670,534. The company has a 50 day moving average of $130.73 and a 200 day moving average of $137.07. The stock has a market capitalization of $50.31 billion, a P/E ratio of 15.64, a P/E/G ratio of 3.90 and a beta of 1.33. Phillips 66 has a 52-week low of $110.54 and a 52-week high of $174.08. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion for the quarter, compared to analysts' expectations of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. Phillips 66's revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.63 EPS. On average, equities analysts predict that Phillips 66 will post 7.69 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.78%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66's dividend payout ratio is currently 59.05%.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 81,937 shares in the company, valued at approximately $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company's stock.

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.