Johnson Investment Counsel Inc. Sells 1,013 Shares of Phillips 66 (NYSE:PSX)

Johnson Investment Counsel Inc. trimmed its position in Phillips 66 (NYSE:PSX) by 3.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,896 shares of the oil and gas company’s stock after selling 1,013 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Phillips 66 were worth $2,222,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 0.5% in the second quarter. Vanguard Group Inc. now owns 43,181,322 shares of the oil and gas company’s stock worth $3,705,821,000 after purchasing an additional 231,139 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Phillips 66 by 1.9% in the second quarter. BlackRock Inc. now owns 34,064,275 shares of the oil and gas company’s stock worth $2,923,398,000 after purchasing an additional 649,223 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Phillips 66 by 17.5% in the second quarter. Geode Capital Management LLC now owns 7,459,489 shares of the oil and gas company’s stock worth $638,329,000 after purchasing an additional 1,109,917 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Phillips 66 by 6.3% during the second quarter. Bank of New York Mellon Corp now owns 4,335,006 shares of the oil and gas company’s stock worth $372,031,000 after acquiring an additional 255,687 shares during the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Phillips 66 by 3.4% during the first quarter. Nuveen Asset Management LLC now owns 3,592,702 shares of the oil and gas company’s stock worth $292,948,000 after acquiring an additional 117,342 shares during the last quarter. 69.06% of the stock is currently owned by hedge funds and other institutional investors.

Several equities research analysts have weighed in on PSX shares. Morgan Stanley started coverage on Phillips 66 in a research note on Tuesday, September 7th. They set an “equal weight” rating and a $80.00 price objective on the stock. Barclays reduced their price objective on Phillips 66 from $95.00 to $88.00 and set an “overweight” rating on the stock in a research note on Thursday, July 8th. Cowen cut Phillips 66 from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $80.00 to $73.00 in a research note on Friday, August 20th. Citigroup boosted their target price on Phillips 66 from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, October 6th. Finally, Raymond James dropped their target price on Phillips 66 from $101.00 to $90.00 and set an “outperform” rating for the company in a research report on Wednesday, August 4th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Phillips 66 has a consensus rating of “Buy” and an average target price of $84.63.

Shares of NYSE:PSX opened at $81.87 on Thursday. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of -21.10, a price-to-earnings-growth ratio of 1.65 and a beta of 1.69. Phillips 66 has a 52 week low of $43.27 and a 52 week high of $94.34. The company has a quick ratio of 0.76, a current ratio of 1.08 and a debt-to-equity ratio of 0.63. The firm has a 50 day moving average of $71.22 and a 200 day moving average of $78.56.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Monday, August 2nd. The oil and gas company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.60 by $0.14. The company had revenue of $27.89 billion during the quarter, compared to the consensus estimate of $21.05 billion. Phillips 66 had a negative net margin of 2.05% and a negative return on equity of 3.24%. During the same quarter in the previous year, the firm posted ($0.74) earnings per share. On average, sell-side analysts expect that Phillips 66 will post 1.94 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 1st. Investors of record on Wednesday, November 17th will be paid a $0.92 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Tuesday, November 16th. This represents a $3.68 dividend on an annualized basis and a yield of 4.49%. Phillips 66’s payout ratio is -404.49%.

Phillips 66 Profile

Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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