Bank of New York Mellon Corp Sells 1,410,831 Shares of Phillips 66 $PSX

Key Points

• Bank of New York Mellon cut its Phillips 66 stake by 16.6% in the fourth quarter, selling 1,410,831 shares and ending with 7,103,557 shares worth about $916.6 million.
• Phillips 66 continues to attract broad institutional interest, with large holders like Vanguard and Geode adding shares; overall, 76.93% of the stock is owned by institutional investors.
• Analysts remain cautiously bullish on PSX, with a consensus rating of “Moderate Buy” and an average price target of $191.28, while the company also recently paid a quarterly dividend of $1.27 per share.

Bank of New York Mellon Corp trimmed its position in Phillips 66 (NYSE:PSX - Free Report) by 16.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,103,557 shares of the oil and gas company's stock after selling 1,410,831 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.76% of Phillips 66 worth $916,643,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of PSX. Vanguard Group Inc. boosted its stake in 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 period. Geode Capital Management LLC increased its stake in Phillips 66 by 0.4% in the 4th 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 acquiring an additional 45,340 shares during the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 in the 4th quarter valued at about $640,206,000. M&T Bank Corp raised its holdings in shares of Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock valued at $352,007,000 after acquiring an additional 2,243,268 shares in the last quarter. Finally, Amundi boosted its position in shares of Phillips 66 by 2.8% during the 3rd quarter. Amundi now owns 2,400,180 shares of the oil and gas company's stock valued at $319,123,000 after acquiring an additional 65,568 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on PSX shares. Scotiabank boosted their price objective on Phillips 66 from $140.00 to $151.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Guggenheim upgraded shares of Phillips 66 to an "outperform" rating in a research report on Wednesday, May 27th. Zacks Research raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Raymond James Financial increased their price target on shares of Phillips 66 from $205.00 to $215.00 in a report on Thursday, April 30th. Finally, Morgan Stanley restated an "overweight" rating and set a $180.00 price objective on shares of Phillips 66 in a research report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus target price of $191.28.

Insider Activity

In other Phillips 66 news, EVP Brian Mandell sold 42,800 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the transaction, the director directly owned 8,701 shares of the company's stock, valued at approximately $1,517,193.37. The trade was a 30.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 92,229 shares of company stock worth $15,990,030 over the last ninety days. 0.40% of the stock is owned by insiders.

Phillips 66 Stock Up 1.3%

Shares of NYSE PSX opened at $184.89 on Thursday. The stock has a market capitalization of $74.13 billion, a P/E ratio of 18.22, a PEG ratio of 0.27 and a beta of 0.68. Phillips 66 has a one year low of $111.37 and a one year high of $190.61. The firm's 50 day simple moving average is $172.72 and its two-hundred day simple moving average is $155.68. 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 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. 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 analysts' expectations of $35.86 billion. During the same quarter in the prior year, the company earned ($0.90) EPS. The firm's revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, May 18th. Phillips 66's dividend payout ratio is currently 50.05%.

Phillips 66 Company 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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