Phillips 66 $PSX Shares Bought by Credit Agricole S A

Key Points

• Credit Agricole S A increased its holdings in Phillips 66 by 2.9%, acquiring an additional 4,447 shares, bringing its total to 159,929 shares valued at approximately $19.75 million.
• Phillips 66 reported strong quarterly earnings of $2.38 per share, surpassing analyst estimates, with revenue of $33.77 billion, indicating robust financial performance.
• The company announced a quarterly dividend of $1.20 per share, translating to an annualized dividend yield of 3.9%, despite a high dividend payout ratio of 115.38%.

Credit Agricole S A raised its position in Phillips 66 (NYSE:PSX - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 159,929 shares of the oil and gas company's stock after buying an additional 4,447 shares during the period. Credit Agricole S A's holdings in Phillips 66 were worth $19,748,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after purchasing an additional 4,455,220 shares in the last quarter. Invesco Ltd. boosted its position in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company's stock worth $588,489,000 after acquiring an additional 653,248 shares during the last quarter. Northern Trust Corp grew its stake in Phillips 66 by 10.6% during the 4th quarter. Northern Trust Corp now owns 4,589,079 shares of the oil and gas company's stock valued at $522,834,000 after acquiring an additional 440,107 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Phillips 66 by 11.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company's stock worth $466,886,000 after purchasing an additional 377,132 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Phillips 66 by 3.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company's stock worth $383,197,000 after purchasing an additional 100,321 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insiders Place Their Bets

In other news, Director Sigmund L. Cornelius acquired 500 shares of Phillips 66 stock in a transaction dated Thursday, July 31st. The shares were acquired at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael A. Heim bought 1,000 shares of the stock in a transaction that occurred on Wednesday, July 30th. The shares were purchased at an average price of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director owned 12,043 shares of the company's stock, valued at approximately $1,517,056.71. This represents a 9.06% increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PSX. UBS Group boosted their price objective on Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Mizuho boosted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday, May 13th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a report on Thursday, July 31st. Finally, Cantor Fitzgerald assumed coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "neutral" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Stock Up 4.3%

Shares of PSX traded up $5.3520 during mid-day trading on Friday, hitting $129.8020. 2,674,005 shares of the company's stock were exchanged, compared to its average volume of 2,228,690. The stock's 50-day moving average is $124.31 and its 200-day moving average is $119.02. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. The company has a market cap of $52.46 billion, a price-to-earnings ratio of 31.20, a P/E/G ratio of 1.76 and a beta of 1.09.

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

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is currently 115.38%.

Phillips 66 Company 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.