Phillips 66 $PSX Shares Acquired by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its holdings in Phillips 66 (NYSE:PSX) by 18.2% during the third quarter, HoldingsChannel reports. The fund owned 963,629 shares of the oil and gas company’s stock after purchasing an additional 148,129 shares during the period. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $131,073,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PSX. Evolution Wealth Management Inc. acquired a new position in Phillips 66 in the second quarter valued at approximately $25,000. Winnow Wealth LLC purchased a new stake in shares of Phillips 66 during the 3rd quarter worth approximately $36,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $32,000. Twin Peaks Wealth Advisors LLC purchased a new position in shares of Phillips 66 in the 2nd quarter valued at $38,000. Finally, AXS Investments LLC acquired a new stake in Phillips 66 during the 3rd quarter worth $44,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the company’s stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Brian Mandell sold 25,500 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company’s stock, valued at $7,959,593.52. This represents a 30.97% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 60,488 shares of company stock valued at $8,474,466. 0.22% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Saturday, December 20th. Piper Sandler upped their target price on Phillips 66 from $153.00 to $156.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Argus lifted their price target on Phillips 66 from $152.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Barclays increased their price objective on Phillips 66 from $141.00 to $142.00 and gave the company an “equal weight” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group raised their target price on shares of Phillips 66 from $137.00 to $149.00 and gave the stock a “hold” rating in a research report on Monday, January 26th. Ten investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $158.72.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $159.75 on Monday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87. The company has a market cap of $64.37 billion, a PE ratio of 14.76, a P/E/G ratio of 0.56 and a beta of 0.90. The stock has a fifty day moving average price of $140.39 and a 200 day moving average price of $134.92. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $163.79.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data 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. The company had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a return on equity of 9.28% and a net margin of 3.22%.During the same quarter in the previous year, the company earned ($0.15) EPS. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be given a $1.27 dividend. The ex-dividend date is Monday, February 23rd. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 annualized dividend and a yield of 3.2%. Phillips 66’s dividend payout ratio (DPR) is currently 44.36%.

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.