Hilltop Holdings Inc. Reduces Stake in Phillips 66 $PSX

Hilltop Holdings Inc. lowered its stake in Phillips 66 (NYSE:PSX) by 23.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 20,458 shares of the oil and gas company’s stock after selling 6,220 shares during the quarter. Hilltop Holdings Inc.’s holdings in Phillips 66 were worth $2,783,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Phillips 66 by 11.6% in the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after acquiring an additional 5,356,558 shares during the period. Elliott Investment Management L.P. grew its stake in Phillips 66 by 22.4% during the second quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares in the last quarter. Norges Bank bought a new stake in Phillips 66 during the 2nd quarter worth approximately $523,755,000. Charles Schwab Investment Management Inc. lifted its stake in Phillips 66 by 5.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 3,268,830 shares of the oil and gas company’s stock worth $389,971,000 after purchasing an additional 165,514 shares in the last quarter. Finally, Amundi lifted its stake in Phillips 66 by 2.8% in the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company’s stock worth $319,123,000 after purchasing an additional 65,568 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

PSX has been the subject of a number of recent analyst reports. Jefferies Financial Group restated a “hold” rating and set a $158.00 price target on shares of Phillips 66 in a research report on Friday, February 20th. Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. UBS Group reissued a “buy” rating and set a $172.00 price objective on shares of Phillips 66 in a research note on Friday, February 6th. Wolfe Research boosted their target price on Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $170.00 target price on shares of Phillips 66 in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $161.33.

Phillips 66 Stock Performance

Phillips 66 stock opened at $173.56 on Tuesday. The firm’s fifty day moving average price is $152.11 and its 200-day moving average price is $140.46. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. The stock has a market cap of $69.55 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 0.60 and a beta of 0.86. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $178.38.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The company had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. During the same period in the previous year, the firm posted ($0.15) EPS. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a yield of 2.9%. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend was Monday, February 23rd. Phillips 66’s dividend payout ratio is presently 46.95%.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 16,856 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,380,590.72. The trade was a 14.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares of the company’s stock, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 84,688 shares of company stock valued at $14,066,145. 0.22% of the stock is owned by insiders.

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.