M&T Bank Corp Has $65.92 Million Stake in Phillips 66 $PSX

M&T Bank Corp trimmed its stake in Phillips 66 (NYSE:PSX) by 1.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 484,620 shares of the oil and gas company’s stock after selling 8,581 shares during the period. M&T Bank Corp owned about 0.12% of Phillips 66 worth $65,919,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Evolution Wealth Management Inc. bought a new stake in shares of Phillips 66 in the 2nd quarter worth about $25,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Phillips 66 during the 2nd quarter valued at about $32,000. Winnow Wealth LLC bought a new position in Phillips 66 during the 3rd quarter valued at about $36,000. Wealth Watch Advisors INC acquired a new position in Phillips 66 in the third quarter valued at about $36,000. Finally, Twin Peaks Wealth Advisors LLC bought a new stake in Phillips 66 during the second quarter worth about $38,000. 76.93% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Scotiabank reaffirmed a “sector perform” rating and set a $140.00 price objective on shares of Phillips 66 in a report on Friday, January 16th. UBS Group reissued a “buy” rating and issued a $172.00 target price on shares of Phillips 66 in a report on Friday, February 6th. Argus raised their price target on Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Jefferies Financial Group reiterated a “hold” rating and issued a $158.00 price objective on shares of Phillips 66 in a research report on Friday, February 20th. Finally, Zacks Research downgraded Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Eleven equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $161.33.

Phillips 66 Price Performance

Shares of PSX stock opened at $172.85 on Friday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $178.38. The firm’s 50 day moving average is $151.43 and its 200-day moving average is $140.05. The firm has a market capitalization of $69.27 billion, a price-to-earnings ratio of 15.98, a PEG ratio of 0.60 and a beta of 0.86. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating 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 business had revenue of $32.16 billion during the quarter, compared to analyst estimates of $33.81 billion. During the same quarter last year, the business posted ($0.15) earnings per share. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were paid a $1.27 dividend. 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. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. Phillips 66’s payout ratio is 46.95%.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction dated 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 directly owned 97,376 shares in the company, valued at $16,380,590.72. This trade represents a 14.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction dated Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total value of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares of the company’s stock, valued at $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 38,088 shares of company stock valued at $6,147,655. Company insiders own 0.22% of the company’s stock.

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.