Bank of New York Mellon Corp Sells 486,837 Shares of Phillips 66 (NYSE:PSX)

Bank of New York Mellon Corp lowered its holdings in Phillips 66 (NYSE:PSX - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,857,505 shares of the oil and gas company's stock after selling 486,837 shares during the period. Bank of New York Mellon Corp owned approximately 2.17% of Phillips 66 worth $1,093,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its holdings in Phillips 66 by 283.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after acquiring an additional 4,455,220 shares during the period. Norges Bank bought a new stake in Phillips 66 during the 4th quarter worth approximately $497,648,000. Raymond James Financial Inc. bought a new stake in Phillips 66 during the 4th quarter worth approximately $168,790,000. Capitolis Liquid Global Markets LLC bought a new stake in Phillips 66 during the 4th quarter worth approximately $142,185,000. Finally, GAMMA Investing LLC increased its holdings in Phillips 66 by 14,119.5% during the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after acquiring an additional 1,181,240 shares during the period. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

NYSE PSX opened at $126.80 on Friday. The firm has a market cap of $51.66 billion, a price-to-earnings ratio of 28.88, a PEG ratio of 2.00 and a beta of 1.02. The company has a quick ratio of 0.88, a current ratio of 1.23 and a debt-to-equity ratio of 0.63. The company has a 50-day simple moving average of $116.94 and a two-hundred day simple moving average of $117.05. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $150.12.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. The firm had revenue of $31.92 billion for the quarter, compared to analysts' expectations of $31.93 billion. During the same period in the previous year, the company earned $1.90 EPS. On average, equities analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 3.79%. This is a boost from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is currently 109.34%.

Analyst Ratings Changes

A number of analysts recently weighed in on PSX shares. TD Cowen upped their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 target price on the stock. The Goldman Sachs Group lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 target price on the stock. in a report on Thursday, March 27th. UBS Group decreased their price target on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Finally, Wall Street Zen raised shares of Phillips 66 from a "sell" rating to a "hold" rating in a report on Monday, April 28th. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and a consensus price target of $133.93.

Insider Activity

In other Phillips 66 news, Director Robert W. Pease purchased 439 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the purchase, the director directly owned 4,091 shares in the company, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. The trade was a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.22% of the company's stock.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.

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