Allspring Global Investments Holdings LLC Purchases 57,262 Shares of Phillips 66 $PSX

Key Points

• Allspring increased its Phillips 66 stake by 24.4%, buying 57,262 shares and ending the quarter with 292,167 shares valued at about $77.2 million.
• Phillips 66 reported quarterly EPS of $14.08, beating the $11.73 analyst consensus, while revenue of $50.54 billion also topped estimates.
• The company authorized up to $10 billion in share repurchases and raised its quarterly dividend from $1.27 to $1.33 per share.

Allspring Global Investments Holdings LLC boosted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 24.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 292,167 shares of the oil and gas company's stock after acquiring an additional 57,262 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.07% of Phillips 66 worth $77,199,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PSX. Leelyn Smith LLC acquired a new stake in shares of Phillips 66 during the 3rd quarter valued at about $211,000. Parallel Advisors LLC grew its stake in shares of Phillips 66 by 4.9% in the 3rd quarter. Parallel Advisors LLC now owns 11,986 shares of the oil and gas company's stock valued at $3,060,000 after purchasing an additional 564 shares during the period. International Assets Investment Management LLC grew its stake in shares of Phillips 66 by 35.7% in the 3rd quarter. International Assets Investment Management LLC now owns 24,747 shares of the oil and gas company's stock valued at $6,318,000 after purchasing an additional 6,517 shares during the period. Chicago Partners Investment Group LLC raised its holdings in shares of Phillips 66 by 8.1% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 21,572 shares of the oil and gas company's stock worth $6,109,000 after buying an additional 1,622 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of Phillips 66 by 13.8% in the 3rd quarter. Covestor Ltd now owns 363 shares of the oil and gas company's stock worth $93,000 after buying an additional 44 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Up 3.0%

PSX stock opened at $253.08 on Tuesday. The business has a fifty day moving average price of $268.22 and a 200 day moving average price of $202.07. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.34 and a quick ratio of 1.04. Phillips 66 has a fifty-two week low of $127.16 and a fifty-two week high of $299.39. The stock has a market capitalization of $98.72 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 0.14 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts' consensus estimates of $11.73 by $2.35. The company had revenue of $50.54 billion for the quarter, compared to analyst estimates of $44.91 billion. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. During the same quarter in the previous year, the firm earned $2.52 earnings per share. Analysts expect that Phillips 66 will post 33.63 EPS for the current fiscal year.

Phillips 66 declared that its board has authorized a stock repurchase program on Friday, July 31st that authorizes the company to repurchase $10 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is undervalued.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 17th will be issued a $1.33 dividend. This is a positive change from Phillips 66's previous quarterly dividend of $1.27. This represents a $5.32 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, November 17th. Phillips 66's dividend payout ratio (DPR) is presently 16.22%.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 23,400 shares of the stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the sale, the executive vice president owned 61,595 shares of the company's stock, valued at $16,326,370.70. This represents a 27.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Richard Harbison sold 52,100 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company's stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The SEC filing for this sale provides additional information. 0.40% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PSX shares. UBS Group raised their target price on Phillips 66 from $235.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday, September 8th. Freedom Broker upgraded Phillips 66 from a "sell" rating to a "hold" rating and upped their price target for the company from $173.00 to $258.00 in a research report on Friday, October 30th. TD Cowen upped their price target on Phillips 66 from $295.00 to $308.00 and gave the company a "buy" rating in a research report on Thursday, October 22nd. Citigroup increased their price objective on Phillips 66 from $297.00 to $302.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 4th. Finally, BMO Capital Markets lifted their price objective on Phillips 66 from $260.00 to $310.00 and gave the company an "outperform" rating in a report on Thursday, September 17th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus price target of $270.12.

About Phillips 66

Phillips 66 NYSE: PSX is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company's midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.

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