Bank of New York Mellon Corp Invests $1.09 Billion in Phillips 66 $PSX

Key Points

• Bank of New York Mellon acquired 6.47 million Phillips 66 shares worth approximately $1.09 billion in the second quarter, giving it a 1.61% stake. Institutional investors collectively own 76.93% of the company.
• Analysts maintain a generally positive outlook, with Phillips 66 receiving a consensus “Moderate Buy” rating and an average price target of $206.56. The company recently beat quarterly earnings expectations, reporting $9.41 in EPS versus the $7.50 consensus.
• Phillips 66 announced a quarterly dividend of $1.27 per share, yielding about 2.1%, and authorized a $10 billion share-repurchase program covering up to 11.8% of outstanding shares. Meanwhile, company insiders have sold roughly 100,507 shares worth $21.8 million over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in Phillips 66 (NYSE:PSX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 6,466,764 shares of the oil and gas company's stock, valued at approximately $1,093,206,000. Bank of New York Mellon Corp owned approximately 1.61% of Phillips 66 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Key Client Fiduciary Advisors LLC boosted its holdings in Phillips 66 by 3.5% during the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company's stock valued at $275,000 after purchasing an additional 55 shares in the last quarter. Threadgill Financial LLC raised its holdings in shares of Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company's stock worth $286,000 after buying an additional 58 shares in the last quarter. Calamos Wealth Management LLC raised its holdings in shares of Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company's stock worth $521,000 after buying an additional 60 shares in the last quarter. Somerset Trust Co lifted its position in shares of Phillips 66 by 0.3% during the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company's stock worth $3,601,000 after buying an additional 63 shares during the period. Finally, Clifford Group LLC lifted its position in shares of Phillips 66 by 2.0% during the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company's stock worth $428,000 after buying an additional 64 shares during the period. 76.93% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on PSX shares. Citigroup reiterated a "neutral" rating on shares of Phillips 66 in a research report on Thursday, August 6th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Argus upped their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. Finally, The Goldman Sachs Group increased their target price on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

Insider Activity at Phillips 66

In other news, EVP Richard G. Harbison sold 52,100 shares of the stock in a transaction that occurred on 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 sale, the executive vice president directly owned 39,094 shares of the company's stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company's stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last ninety days. Company insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Phillips 66 stock opened at $239.46 on Friday. The business's fifty day moving average is $197.59 and its two-hundred day moving average is $178.99. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The firm has a market cap of $95.55 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.18 and a beta of 0.68. Phillips 66 has a 52 week low of $122.25 and a 52 week high of $246.95.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analysts' expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period in the previous year, the business posted $2.38 earnings per share. Equities research analysts forecast that Phillips 66 will post 23.86 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio is presently 28.95%.

Phillips 66 declared that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's leadership believes its stock is undervalued.

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.

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