Commerzbank Aktiengesellschaft FI Decreases Stake in Phillips 66 $PSX

Key Points

• Commerzbank Aktiengesellschaft FI sharply reduced its Phillips 66 stake by 82.6% in the first quarter, selling 33,617 shares and ending with 7,061 shares valued at about $1.29 million.
• Phillips 66 beat earnings expectations in its latest quarter, reporting EPS of $0.49 versus a consensus loss estimate, though revenue of $32.54 billion came in below estimates.
• The company also announced a quarterly dividend of $1.27 per share, payable on September 1, representing a 2.4% yield at the time of the report.

Commerzbank Aktiengesellschaft FI cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 82.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,061 shares of the oil and gas company's stock after selling 33,617 shares during the quarter. Commerzbank Aktiengesellschaft FI's holdings in Phillips 66 were worth $1,286,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Accordant Advisory Group Inc grew 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 worth $26,000 after buying an additional 180 shares during the period. Eagle Bay Advisors LLC purchased a new position in Phillips 66 in the fourth quarter valued at about $27,000. NFSG Corp lifted its position in shares of Phillips 66 by 105.6% during the 1st 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. SWAN Capital LLC lifted its position in shares of Phillips 66 by 1,055.6% during the 4th 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. Finally, Stephens Consulting LLC boosted its stake in shares of Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Up 1.6%

PSX stock opened at $212.09 on Wednesday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company's 50 day simple moving average is $180.44 and its 200-day simple moving average is $166.89. Phillips 66 has a 12 month low of $118.07 and a 12 month high of $212.39. The firm has a market capitalization of $85.03 billion, a PE ratio of 20.90, a P/E/G ratio of 0.27 and a beta of 0.69.

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

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Tuesday, August 18th. Phillips 66's dividend payout ratio is currently 50.05%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PSX. TD Cowen upped their price target on Phillips 66 from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Tuesday. Wolfe Research lifted their price objective on Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Jefferies Financial Group boosted their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and upped their target price for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Raymond James Financial raised their price target on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a research report on Monday, July 13th. One investment 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 company's stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of "Moderate Buy" and an average target price of $197.17.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction dated Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value 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 approximately $18,504,361.28. The trade was a 10.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers bought 175 shares of Phillips 66 stock in a transaction 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 acquisition, the director owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 41,021 shares of company stock worth $7,195,257 over the last 90 days. Company insiders own 0.40% of the company's stock.

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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