Commerzbank Aktiengesellschaft FI Raises Stake in Phillips 66 $PSX

Key Points

• Commerzbank Aktiengesellschaft FI significantly increased its stake in Phillips 66 by 51.6% during the second quarter, now holding 29,529 shares valued at approximately $3.5 million.
• Several investment firms have revised their target prices for Phillips 66, with Morgan Stanley setting a target of $140, while Citigroup has raised its target to $130 after downgrading the company to a neutral rating.
• Phillips 66 announced a quarterly dividend of $1.20, reflecting a 3.7% dividend yield, to be paid to shareholders on December 1st, 2023.

Commerzbank Aktiengesellschaft FI increased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 51.6% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 29,529 shares of the oil and gas company's stock after purchasing an additional 10,050 shares during the period. Commerzbank Aktiengesellschaft FI's holdings in Phillips 66 were worth $3,523,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PSX. WealthTrust Axiom LLC lifted its holdings in Phillips 66 by 1.1% in the first quarter. WealthTrust Axiom LLC now owns 7,241 shares of the oil and gas company's stock valued at $894,000 after acquiring an additional 81 shares during the period. Wolff Wiese Magana LLC lifted its holdings in Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 82 shares during the period. Magnus Financial Group LLC lifted its holdings in Phillips 66 by 2.8% in the second quarter. Magnus Financial Group LLC now owns 3,083 shares of the oil and gas company's stock valued at $368,000 after acquiring an additional 84 shares during the period. Biltmore Wealth Management LLC lifted its holdings in Phillips 66 by 2.4% in the second quarter. Biltmore Wealth Management LLC now owns 3,613 shares of the oil and gas company's stock valued at $431,000 after acquiring an additional 85 shares during the period. Finally, XML Financial LLC lifted its holdings in Phillips 66 by 0.5% in the second quarter. XML Financial LLC now owns 17,541 shares of the oil and gas company's stock valued at $2,093,000 after acquiring an additional 85 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their target price on Phillips 66 from $128.00 to $140.00 and gave the company an "equal weight" rating in a research report on Friday, October 3rd. Citigroup downgraded Phillips 66 from a "buy" rating to a "neutral" rating and lifted their target price for the company from $126.00 to $130.00 in a research report on Wednesday, July 16th. UBS Group lifted their target price on Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. Scotiabank reiterated a "sector perform" rating and set a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research report on Wednesday, June 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $140.50.

Insider Transactions at Phillips 66

In other news, Director Gregory Hayes bought 8,350 shares of the firm's stock in a transaction that occurred on Thursday, August 14th. The shares were bought at an average cost of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the transaction, the director owned 29,423 shares of the company's stock, valued at approximately $3,527,817.70. This represents a 39.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael A. Heim acquired 1,000 shares of Phillips 66 stock in a transaction on Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. The trade was a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 9,850 shares of company stock valued at $1,188,910 over the last three months. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Price Performance

NYSE:PSX opened at $131.10 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company has a market capitalization of $52.98 billion, a P/E ratio of 31.51, a P/E/G ratio of 1.91 and a beta of 1.11. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $142.35. The business's 50-day moving average is $129.36 and its 200 day moving average is $120.62.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same period in the previous year, the business earned $2.31 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, November 17th. Phillips 66's payout ratio is currently 115.38%.

Phillips 66 Profile

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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