ING Groep NV Purchases Shares of 46,072 Phillips 66 $PSX

Key Points

• ING Groep NV bought a new stake in Phillips 66 in the fourth quarter, acquiring 46,072 shares valued at about $5.95 million.
• Institutional ownership remains high, with 76.93% of Phillips 66 shares held by hedge funds and other institutional investors. Several other firms also added to their positions, including Oppenheimer and PNC Financial Services.
• Phillips 66 reported better-than-expected quarterly EPS of $0.49, continued paying a $1.27 quarterly dividend (2.8% yield), and analysts currently rate the stock a Moderate Buy with a consensus price target of $191.28.

ING Groep NV purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 46,072 shares of the oil and gas company's stock, valued at approximately $5,945,000.

Other hedge funds also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its stake in Phillips 66 by 57.4% in the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock valued at $7,734,000 after purchasing an additional 20,742 shares during the last quarter. First National Bank of Omaha acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $2,357,000. TD Asset Management Inc boosted its holdings in shares of Phillips 66 by 15.5% in the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after acquiring an additional 23,364 shares during the period. Caprock Group LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $2,412,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Phillips 66 by 18.2% in the third quarter. PNC Financial Services Group Inc. now owns 963,629 shares of the oil and gas company's stock valued at $131,073,000 after acquiring an additional 148,129 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers purchased 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Lisa Ann Davis sold 3,800 shares of the stock in a transaction on Friday, March 13th. The stock was sold at an average price of $174.37, for a total value of $662,606.00. Following the sale, the director directly owned 8,701 shares of the company's stock, valued at approximately $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 92,229 shares of company stock valued at $15,990,030 in the last ninety days. Company insiders own 0.40% of the company's stock.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $183.21 on Tuesday. 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 stock has a fifty day moving average price of $172.74 and a 200 day moving average price of $156.62. Phillips 66 has a 1-year low of $114.54 and a 1-year high of $190.61. The company has a market cap of $73.46 billion, a PE ratio of 18.05, a P/E/G ratio of 0.27 and a beta of 0.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the company earned ($0.90) earnings per share. The company's revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts forecast that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Analysts Set New Price Targets

PSX has been the subject of several research analyst reports. Morgan Stanley reissued an "overweight" rating and issued a $180.00 price objective on shares of Phillips 66 in a report on Thursday, April 30th. TD Cowen increased their price objective on Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a report on Wednesday, April 1st. Jefferies Financial Group increased their price objective on Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. increased their price objective on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, Piper Sandler increased their price objective on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a report on Wednesday, April 8th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $191.28.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.