Hsbc Holdings PLC Decreases Stock Position in Phillips 66 $PSX

Key Points

• Hsbc Holdings PLC reduced its ownership in Phillips 66 by 10.4%, selling 169,904 shares, resulting in a total of approximately 1,459,471 shares owned, valued at about $179.9 million.
• Phillips 66 reported quarterly earnings of $2.38 EPS, surpassing estimates, and announced a quarterly dividend of $1.20 per share, contributing to an annual dividend yield of 3.9%.
• Despite the reductions by some investors, several other institutional investors, including Colonial Trust Advisors and Bank OZK, increased their stakes in Phillips 66 during the same quarter.

Hsbc Holdings PLC cut its holdings in Phillips 66 (NYSE:PSX - Free Report) by 10.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,459,471 shares of the oil and gas company's stock after selling 169,904 shares during the period. Hsbc Holdings PLC owned about 0.36% of Phillips 66 worth $179,917,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Colonial Trust Advisors boosted its position in shares of Phillips 66 by 0.7% in the 1st quarter. Colonial Trust Advisors now owns 42,795 shares of the oil and gas company's stock worth $5,284,000 after buying an additional 313 shares in the last quarter. Bank OZK boosted its position in shares of Phillips 66 by 26.9% in the 1st quarter. Bank OZK now owns 13,780 shares of the oil and gas company's stock worth $1,702,000 after buying an additional 2,925 shares in the last quarter. Financial Advisors Network Inc. purchased a new stake in shares of Phillips 66 in the 1st quarter worth about $226,000. Aptus Capital Advisors LLC boosted its position in shares of Phillips 66 by 52.8% in the 1st quarter. Aptus Capital Advisors LLC now owns 39,321 shares of the oil and gas company's stock worth $4,855,000 after buying an additional 13,592 shares in the last quarter. Finally, Brooklyn Investment Group boosted its position in shares of Phillips 66 by 52.3% in the 1st quarter. Brooklyn Investment Group now owns 3,269 shares of the oil and gas company's stock worth $404,000 after buying an additional 1,123 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Trading Down 0.6%

Shares of PSX stock opened at $122.0510 on Wednesday. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $140.85. The firm has a 50-day moving average price of $124.05 and a 200 day moving average price of $118.93. 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 $49.32 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 1.66 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the prior year, the company posted $2.31 EPS. Research analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.9%. Phillips 66's dividend payout ratio is currently 115.38%.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president owned 56,838 shares of the company's stock, valued at $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Michael A. Heim acquired 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the purchase, the director owned 12,043 shares in the company, valued at approximately $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. Over the last 90 days, insiders have acquired 10,289 shares of company stock worth $1,238,890. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. TD Cowen boosted their price objective on shares of Phillips 66 from $130.00 to $134.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Cantor Fitzgerald started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued a "neutral" rating on the stock. JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a research note on Wednesday, June 18th. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 9th. Finally, UBS Group boosted their target price on shares of Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $136.20.

About Phillips 66

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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