Phillips 66 (NYSE:PSX) Shares Purchased by Invesco Ltd.

Key Points

• Invesco Ltd. increased its holdings in Phillips 66 by 15.9%, owning approximately 4.77 million shares, worth $588.49 million, according to its latest SEC filing.
• Phillips 66 recently reported a quarterly EPS of $2.38, surpassing estimates by $0.59, alongside revenue of $33.77 billion for the quarter.
• The company announced a quarterly dividend of $1.20 per share, representing a 4.0% annual yield, with a payout ratio of 115.38%.

Invesco Ltd. boosted its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 15.9% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,765,866 shares of the oil and gas company's stock after purchasing an additional 653,248 shares during the period. Invesco Ltd. owned about 1.17% of Phillips 66 worth $588,489,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Pacific Center for Financial Services purchased a new position in Phillips 66 in the fourth quarter valued at $27,000. von Borstel & Associates Inc. acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC purchased a new position in shares of Phillips 66 during the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC purchased a new position in shares of Phillips 66 during the 1st quarter worth approximately $29,000. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Robert W. Pease acquired 439 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the purchase, the director directly owned 4,091 shares of the company's stock, valued at $465,760.35. The trade was a 12.02% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total transaction of $571,090.00. Following the transaction, the executive vice president owned 43,373 shares in the company, valued at $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. Insiders have acquired 1,939 shares of company stock valued at $237,725 in the last ninety days. Insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded up $2.46 during trading hours on Wednesday, hitting $122.50. The stock had a trading volume of 2,359,149 shares, compared to its average volume of 3,388,524. The stock's fifty day simple moving average is $123.25 and its 200 day simple moving average is $118.87. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $140.85. The firm has a market capitalization of $49.50 billion, a price-to-earnings ratio of 29.45, a PEG ratio of 1.63 and a beta of 1.09. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating the consensus estimate 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 quarter last year, the business earned $2.31 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be paid a $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.9%. Phillips 66's dividend payout ratio (DPR) is presently 115.38%.

Analyst Ratings Changes

PSX has been the subject of several recent analyst reports. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Cantor Fitzgerald started coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. Piper Sandler reissued a "neutral" rating and set a $145.00 price target (up previously from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Tudor Pickering downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Scotiabank reissued a "sector perform" rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Ten equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and a consensus 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.