Danske Bank A S Invests $1.68 Million in Phillips 66 $PSX

Key Points

• Danske Bank purchased a new 9,939-share stake in Phillips 66 during the second quarter, valued at approximately $1.68 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $9.41, beating estimates of $7.50, while revenue reached $52.04 billion versus expectations of $43.60 billion. The company also authorized a $10 billion share-repurchase program and declared a quarterly dividend of $1.27.
• Phillips 66 shares opened at $243.34, near their 52-week high of $246.95. Analysts maintain a consensus “Moderate Buy” rating, although insiders have sold approximately $21.8 million worth of stock over the past 90 days.

Danske Bank A S purchased a new stake in shares of Phillips 66 (NYSE:PSX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 9,939 shares of the oil and gas company's stock, valued at approximately $1,680,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. MUFG Securities EMEA plc lifted its position in Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock valued at $2,131,000 after purchasing an additional 8,783 shares during the period. Horizon Investments LLC boosted its stake in shares of Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company's stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. Truist Financial Corp grew its position in shares of Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company's stock worth $87,113,000 after buying an additional 10,585 shares during the period. Fifth Third Bancorp grew its position in shares of Phillips 66 by 543.7% during the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock worth $23,348,000 after buying an additional 108,248 shares during the period. Finally, National Pension Service raised its stake in shares of Phillips 66 by 2.0% during the fourth quarter. National Pension Service now owns 614,059 shares of the oil and gas company's stock worth $79,238,000 after buying an additional 11,960 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insider Activity

In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the transaction, the executive vice president directly owned 27,537 shares of the company's stock, valued at $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the business's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at $13,242,925. This trade represents a 32.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 100,507 shares of company stock valued at $21,770,810. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Price Performance

Phillips 66 stock opened at $243.34 on Friday. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $97.10 billion, a P/E ratio of 13.87, a PEG ratio of 0.18 and a beta of 0.68. The business has a 50-day moving average of $198.87 and a 200-day moving average of $179.44. Phillips 66 has a 1 year low of $124.88 and a 1 year high of $246.95.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The business had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period last year, the company posted $2.38 EPS. On average, equities analysts anticipate that Phillips 66 will post 23.86 EPS for the current year.

Phillips 66 declared that its board has initiated a share repurchase plan on Friday, July 31st that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66's dividend payout ratio (DPR) is 28.95%.

Wall Street Analyst Weigh In

PSX has been the topic of several analyst reports. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Sunday, July 26th. Morgan Stanley lifted their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Mizuho upgraded shares of 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 research report on Wednesday, May 27th. Jefferies Financial Group increased their price target on Phillips 66 from $191.00 to $207.00 and gave the company a "hold" rating in a research note on Thursday, July 9th. Finally, Raymond James Financial increased their price target on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and a consensus target price of $206.56.

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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