Bank of New York Mellon Corp Reduces Position in Phillips 66 $PSX

Key Points

• Bank of New York Mellon cut its Phillips 66 stake by 3.2% in the first quarter, selling 224,344 shares and ending with 6.88 million shares valued at about $1.25 billion.
• Phillips 66 posted better-than-expected quarterly earnings of $0.49 per share, though revenue came in below estimates at $32.54 billion. Revenue still rose 6.9% year over year.
• The company declared a quarterly dividend of $1.27 per share, equal to an annualized yield of 2.6%, while analysts currently rate the stock a consensus “Moderate Buy” with an average price target of $196.06.

Bank of New York Mellon Corp trimmed its holdings in Phillips 66 (NYSE:PSX - Free Report) by 3.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 6,879,213 shares of the oil and gas company's stock after selling 224,344 shares during the quarter. Bank of New York Mellon Corp owned about 1.72% of Phillips 66 worth $1,253,255,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Board of the Pension Protection Fund bought a new position in shares of Phillips 66 during the 4th quarter valued at $26,000. Accordant Advisory Group Inc increased its position in Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in Phillips 66 during the fourth quarter valued at $27,000. NFSG Corp lifted its holdings in Phillips 66 by 105.6% in the first quarter. NFSG Corp now owns 146 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 75 shares during the period. Finally, SWAN Capital LLC lifted its holdings in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 190 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $195.94 on Thursday. The stock has a market cap of $78.56 billion, a PE ratio of 19.30, a price-to-earnings-growth ratio of 0.26 and a beta of 0.69. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $201.65. The firm has a fifty day moving average price of $177.66 and a 200-day moving average price of $164.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the prior year, the firm posted ($0.90) EPS. Phillips 66's quarterly revenue was up 6.9% compared to the same quarter last year. Equities analysts anticipate that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.6%. Phillips 66's dividend payout ratio is 50.05%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PSX shares. Citigroup boosted their price target on Phillips 66 from $183.00 to $204.00 and gave the company a "neutral" rating in a research note on Tuesday. Scotiabank increased their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a research note on Wednesday, April 22nd. BMO Capital Markets raised their price objective on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Zacks Research lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Finally, Barclays upped their target price on shares of Phillips 66 from $177.00 to $183.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $196.06.

Phillips 66 News Summary

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 continues to attract constructive analyst coverage, with recent price targets ranging from the high $180s to above $200, suggesting Wall Street still sees meaningful upside from current levels. Article Title
• Positive Sentiment: The company’s refining operations are still being viewed as a long-term strength, helped by low-cost crude access and an efficient network that could benefit if fuel demand and crack spreads improve. Article Title
• Positive Sentiment: Phillips 66 also has a recent quarterly dividend of $1.27 per share, underscoring continued cash-return strength for income-focused investors. Article Title

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 41,021 shares of company stock valued at $7,195,257. Corporate insiders own 0.40% of the company's stock.

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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