First Merchants Corp Sells 2,184 Shares of Phillips 66 $PSX

Key Points

• First Merchants Corp reduced its stake in Phillips 66 by 15.4%, selling 2,184 shares and holding a total of 12,017 shares valued at approximately $1.43 million.
• Phillips 66 reported a quarterly earnings per share of $2.38, exceeding analysts' expectations of $1.79 and achieving revenues of $33.77 billion for the quarter.
• The company has announced a quarterly dividend of $1.20 per share, which translates to an annualized dividend yield of 3.7% with a payout ratio of 115.38%.

First Merchants Corp decreased its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 15.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 12,017 shares of the oil and gas company's stock after selling 2,184 shares during the quarter. First Merchants Corp's holdings in Phillips 66 were worth $1,434,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Ignite Planners LLC bought a new position in shares of Phillips 66 during the 2nd quarter worth about $239,000. Venturi Wealth Management LLC boosted its position in shares of Phillips 66 by 22.0% during the 2nd quarter. Venturi Wealth Management LLC now owns 4,949 shares of the oil and gas company's stock valued at $590,000 after acquiring an additional 891 shares in the last quarter. Independent Solutions Wealth Management LLC boosted its position in shares of Phillips 66 by 3.1% during the 2nd quarter. Independent Solutions Wealth Management LLC now owns 15,799 shares of the oil and gas company's stock valued at $1,885,000 after acquiring an additional 476 shares in the last quarter. Country Club Bank boosted its position in shares of Phillips 66 by 1.3% during the 2nd quarter. Country Club Bank now owns 7,362 shares of the oil and gas company's stock valued at $878,000 after acquiring an additional 95 shares in the last quarter. Finally, Bennett Associates Wealth Management boosted its position in shares of Phillips 66 by 18.0% during the 2nd quarter. Bennett Associates Wealth Management now owns 4,560 shares of the oil and gas company's stock valued at $544,000 after acquiring an additional 697 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $131.31 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The firm's 50 day moving average is $129.21 and its 200-day moving average is $120.58. The firm has a market capitalization of $53.07 billion, a price-to-earnings ratio of 31.56, a PEG ratio of 1.93 and a beta of 1.11. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60.

Phillips 66 (NYSE:PSX - Get Free Report) last announced 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 earnings per share. Sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

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

Analyst Ratings Changes

PSX has been the topic of several recent research reports. UBS Group lifted their target price on shares of Phillips 66 from $143.00 to $150.00 and gave the company a "buy" rating in a research report on Monday, September 22nd. TD Cowen lifted their target price on shares of Phillips 66 from $130.00 to $134.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research report on Thursday, July 31st. Barclays boosted their price target on shares of Phillips 66 from $127.00 to $132.00 and gave the company an "equal weight" rating in a research report on Tuesday. Finally, Evercore ISI boosted their price target on shares of Phillips 66 from $130.00 to $170.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have assigned a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average target price of $140.50.

Insider Activity at Phillips 66

In related news, Director Gregory Hayes bought 8,350 shares of Phillips 66 stock in a transaction dated 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 trade represents a 39.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The shares were bought at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. This represents a 9.06% increase in their position. 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 ninety days. Company insiders own 0.22% of the company's stock.

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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