Bank of Nova Scotia Decreases Stock Holdings in Phillips 66 $PSX

Key Points

• Bank of Nova Scotia cut its Phillips 66 stake by 35.3% in the first quarter, selling 51,775 shares and leaving it with 94,725 shares valued at about $17.3 million.
• Phillips 66 reported stronger-than-expected earnings for the latest quarter, posting $0.49 EPS versus an expected loss, though revenue of $32.54 billion missed analyst estimates.
• The company declared a quarterly dividend of $1.27 per share, payable September 1, which annualizes to $5.08 per share and a yield of about 2.5%.

Bank of Nova Scotia lowered its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 35.3% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 94,725 shares of the oil and gas company's stock after selling 51,775 shares during the quarter. Bank of Nova Scotia's holdings in Phillips 66 were worth $17,257,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. State of Wyoming lifted its stake in shares of Phillips 66 by 182.6% during the 1st quarter. State of Wyoming now owns 4,833 shares of the oil and gas company's stock valued at $880,000 after buying an additional 3,123 shares in the last quarter. Cetera Investment Advisers lifted its holdings in Phillips 66 by 8.5% during the 1st quarter. Cetera Investment Advisers now owns 258,194 shares of the oil and gas company's stock worth $47,038,000 after purchasing an additional 20,322 shares in the last quarter. Prestige Wealth Management Group LLC boosted its stake in Phillips 66 by 76.8% in the 1st quarter. Prestige Wealth Management Group LLC now owns 633 shares of the oil and gas company's stock worth $115,000 after purchasing an additional 275 shares during the period. Clearwater Capital Advisors LLC bought a new stake in shares of Phillips 66 during the first quarter valued at about $214,000. Finally, First Trust Advisors LP lifted its holdings in shares of Phillips 66 by 40.1% in the first quarter. First Trust Advisors LP now owns 277,463 shares of the oil and gas company's stock worth $50,548,000 after buying an additional 79,349 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers acquired 175 shares of Phillips 66 stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 41,021 shares of company stock worth $7,195,257. Insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

PSX opened at $206.94 on Friday. The stock has a market capitalization of $82.97 billion, a PE ratio of 20.39, a price-to-earnings-growth ratio of 0.17 and a beta of 0.69. The stock's 50 day moving average price is $182.54 and its 200-day moving average price is $168.28. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $216.08. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13.

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

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. 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 2.5%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. Weiss Ratings downgraded shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a report on Friday, May 1st. 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. UBS Group reiterated a "buy" rating and set a $212.00 target price on shares of Phillips 66 in a research report on Monday, June 15th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $200.44.

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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