Fifth Third Bancorp Acquires 108,248 Shares of Phillips 66 $PSX

Fifth Third Bancorp boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 543.7% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 128,156 shares of the oil and gas company's stock after purchasing an additional 108,248 shares during the quarter. Fifth Third Bancorp's holdings in Phillips 66 were worth $23,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Glass Wealth Management Co LLC grew its stake in shares of Phillips 66 by 2.7% in the 1st quarter. Glass Wealth Management Co LLC now owns 30,399 shares of the oil and gas company's stock worth $5,538,000 after buying an additional 800 shares during the last quarter. American Trust bought a new stake in Phillips 66 in the first quarter worth $204,000. Simplicity Wealth LLC grew its stake in shares of Phillips 66 by 6.8% in the first quarter. Simplicity Wealth LLC now owns 5,806 shares of the oil and gas company's stock worth $1,058,000 after acquiring an additional 368 shares during the last quarter. Candriam S.C.A. grew its stake in shares of Phillips 66 by 3.0% in the first quarter. Candriam S.C.A. now owns 23,639 shares of the oil and gas company's stock worth $4,307,000 after acquiring an additional 684 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in shares of Phillips 66 by 1.5% in the first quarter. Sequoia Financial Advisors LLC now owns 37,182 shares of the oil and gas company's stock worth $6,774,000 after acquiring an additional 566 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSX. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. TD Cowen increased their price target on shares of Phillips 66 from $213.00 to $220.00 and gave the company a "buy" rating in a report on Monday, June 29th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Saturday, June 13th. Argus raised their price target on shares of Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research report on Thursday, May 14th. Finally, Weiss Ratings lowered shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of "Moderate Buy" and an average target price of $194.89.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $198.00 on Tuesday. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $79.38 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69. The firm's 50 day moving average price is $176.76 and its 200-day moving average price is $163.69. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $198.58.

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, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same quarter in the previous year, the firm posted ($0.90) EPS. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities research analysts expect that Phillips 66 will post 19.3 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. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.6%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of the business's stock in a transaction dated 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 transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction that occurred 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. The trade was a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 41,021 shares of company stock worth $7,195,257 in the last three months. 0.40% of the stock is owned by corporate insiders.

Phillips 66 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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