Amundi Purchases 1,403,493 Shares of Phillips 66 $PSX

Key Points

• Amundi increased its Phillips 66 stake by 62% in the first quarter, purchasing 1.4 million additional shares to own 3.67 million shares valued at approximately $668 million. Institutional investors collectively hold 76.93% of the company.
• Phillips 66 reported quarterly EPS of $0.49, beating estimates by $1.03, while revenue reached $32.54 billion, up 6.9% year over year but below expectations.
• The company declared a quarterly dividend of $1.27 per share, equivalent to an annualized $5.08 payout and a 2.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $201.72.

Amundi increased its position in Phillips 66 (NYSE:PSX - Free Report) by 62.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,667,451 shares of the oil and gas company's stock after purchasing an additional 1,403,493 shares during the period. Amundi owned approximately 0.91% of Phillips 66 worth $668,137,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of PSX. Vanguard Group Inc. grew its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company's stock valued at $6,701,052,000 after buying an additional 205,480 shares during the last quarter. State Street Corp raised its stake in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company's stock worth $3,043,996,000 after purchasing an additional 175,616 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Phillips 66 by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company's stock worth $1,338,596,000 after purchasing an additional 45,340 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Phillips 66 by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company's stock valued at $509,006,000 after purchasing an additional 89,621 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $206.03 on Wednesday. The business's fifty day simple moving average is $183.56 and its 200 day simple moving average is $169.46. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $216.08. The firm has a market capitalization of $82.60 billion, a P/E ratio of 20.30, a price-to-earnings-growth ratio of 0.17 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.90) EPS. As a group, analysts anticipate that Phillips 66 will post 22.43 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Insiders Place Their Bets

In other Phillips 66 news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company's stock, valued at $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 45,107 shares of company stock valued at $8,057,584. Company insiders own 0.40% of the company's stock.

Wall Street Analyst Weigh In

PSX has been the subject of several recent research reports. Raymond James Financial upped their price target on Phillips 66 from $218.00 to $235.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. Piper Sandler restated a "neutral" rating and set a $208.00 price objective on shares of Phillips 66 in a research note on Thursday, July 23rd. TD Cowen lifted their price objective on shares of Phillips 66 from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Mizuho upgraded shares of Phillips 66 from a "neutral" rating to an "outperform" rating and increased their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Jefferies Financial Group raised their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $201.72.

Phillips 66 Profile

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.

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