OVERSEA CHINESE BANKING Corp Ltd Buys New Position in Phillips 66 (NYSE:PSX)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 3,100 shares of the oil and gas company's stock, valued at approximately $383,000.

A number of other hedge funds also recently bought and sold shares of PSX. Forum Financial Management LP raised its position in shares of Phillips 66 by 1.0% during the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock valued at $853,000 after buying an additional 77 shares during the period. Smith Moore & CO. raised its stake in shares of Phillips 66 by 0.9% in the fourth quarter. Smith Moore & CO. now owns 10,732 shares of the oil and gas company's stock valued at $1,223,000 after acquiring an additional 91 shares in the last quarter. CWC Advisors LLC. boosted its holdings in Phillips 66 by 1.0% in the fourth quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock valued at $1,110,000 after purchasing an additional 92 shares during the period. Golden State Wealth Management LLC increased its holdings in Phillips 66 by 14.4% during the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after purchasing an additional 97 shares during the period. Finally, Lantern Wealth Advisors LLC raised its position in Phillips 66 by 4.7% in the 4th quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company's stock valued at $253,000 after purchasing an additional 99 shares in the last quarter. 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 4,393 shares of the firm's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total transaction of $571,090.00. Following the transaction, the executive vice president directly owned 43,373 shares of the company's stock, valued at approximately $5,638,490. This trade represents a 9.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares of the company's stock, valued at $7,104,750. The trade was a 14.71% decrease in their position. The disclosure for this sale can be found here. 0.22% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

PSX has been the topic of a number of analyst reports. Compass Point assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued a "buy" rating on the stock. UBS Group dropped their target price on Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Monday, April 28th. Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the stock an "outperform" rating in a research report on Tuesday. Finally, Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of "Hold" and a consensus target price of $135.27.

Phillips 66 Stock Performance

Shares of NYSE PSX traded down $4.64 during trading on Wednesday, reaching $123.63. The stock had a trading volume of 3,438,022 shares, compared to its average volume of 3,122,621. The firm's 50 day moving average price is $120.37 and its two-hundred day moving average price is $118.00. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. Phillips 66 has a one year low of $91.01 and a one year high of $150.12. The stock has a market cap of $50.37 billion, a PE ratio of 28.16, a P/E/G ratio of 2.07 and a beta of 1.02.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period last year, the firm posted $1.90 EPS. On average, research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.88%. The ex-dividend date is Tuesday, August 19th. Phillips 66's payout ratio is currently 109.34%.

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.