Hsbc Holdings PLC Lowers Stake in Phillips 66 $PSX

Key Points

• HSBC Holdings PLC reduced its Phillips 66 stake by 16.4% in the fourth quarter, selling 168,649 shares and ending with 860,459 shares valued at about $110.8 million.
• Phillips 66 reported better-than-expected quarterly earnings of $0.49 per share, though revenue of $32.54 billion came in below analyst estimates. The company also posted year-over-year revenue growth of 6.9%.
• The company paid a quarterly dividend of $1.27 per share, equal to an annualized yield of 2.9%, while Wall Street maintains a consensus Moderate Buy rating with an average price target of $192.72.

Hsbc Holdings PLC cut its stake in Phillips 66 (NYSE:PSX - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 860,459 shares of the oil and gas company's stock after selling 168,649 shares during the period. Hsbc Holdings PLC owned about 0.21% of Phillips 66 worth $110,832,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in Phillips 66 in the fourth quarter worth approximately $640,206,000. M&T Bank Corp increased its holdings in Phillips 66 by 462.9% during the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the period. AQR Capital Management LLC raised its position in Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock valued at $257,512,000 after purchasing an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC purchased a new stake in shares of Phillips 66 in the 2nd quarter worth $107,967,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of Phillips 66 by 732.0% in the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company's stock worth $128,647,000 after buying an additional 877,131 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Activity at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.40% of the stock is owned by company insiders.

Phillips 66 Price Performance

Shares of PSX stock opened at $176.40 on Friday. The stock's 50-day moving average is $174.43 and its 200 day moving average is $161.15. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market cap of $70.72 billion, a P/E ratio of 17.38, a PEG ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping 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 business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the company posted ($0.90) earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. Research analysts predict that Phillips 66 will post 19.27 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. Phillips 66's dividend payout ratio is presently 50.05%.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research reports. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Morgan Stanley upped their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an "overweight" rating in a research note on Friday, June 12th. Wells Fargo & Company increased their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Citigroup raised their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a research report on Thursday, April 9th. Finally, Jefferies Financial Group boosted their price target on shares of Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $192.72.

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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