Korea Investment CORP Sells 10,307 Shares of Phillips 66 $PSX

Key Points

• Korea Investment CORP trimmed its Phillips 66 stake by 3.8%, selling 10,307 shares and now holds 264,032 shares (about 0.07% of the company) valued at roughly $35.9 million.
• Phillips 66 increased its quarterly dividend to $1.27 (annualized $5.08), up from $1.20, representing a ~3.1% yield and a payout ratio near 46.95%.
• Significant insider selling occurred this quarter—executives including Vanessa Sutherland and Don Baldridge sold shares, with total insider sales of 38,088 shares worth about $6.15 million; insiders now own ~0.22% of the stock.

Korea Investment CORP cut its stake in Phillips 66 (NYSE:PSX - Free Report) by 3.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 264,032 shares of the oil and gas company's stock after selling 10,307 shares during the quarter. Korea Investment CORP owned 0.07% of Phillips 66 worth $35,914,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Evolution Wealth Management Inc. bought a new stake in Phillips 66 during the second quarter worth $25,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Phillips 66 during the 2nd quarter valued at $32,000. Winnow Wealth LLC purchased a new position in Phillips 66 during the 3rd quarter worth $36,000. Twin Peaks Wealth Advisors LLC purchased a new position in Phillips 66 during the 2nd quarter worth $38,000. Finally, Operose Advisors LLC grew its stake in shares of Phillips 66 by 260.4% in the 2nd quarter. Operose Advisors LLC now owns 346 shares of the oil and gas company's stock worth $41,000 after acquiring an additional 250 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Price Performance

PSX opened at $162.71 on Tuesday. The firm has a market cap of $65.20 billion, a P/E ratio of 15.04, a PEG ratio of 0.58 and a beta of 0.86. The firm has a 50-day moving average of $148.22 and a 200 day moving average of $139.07. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $169.62.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.15 by $0.32. The business had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. On average, research analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were paid a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Monday, February 23rd. This is an increase from Phillips 66's previous quarterly dividend of $1.20. Phillips 66's dividend payout ratio (DPR) is 46.95%.

Analyst Ratings Changes

A number of research analysts recently weighed in on PSX shares. Mizuho raised their price target on shares of Phillips 66 from $150.00 to $152.00 and gave the company a "neutral" rating in a research report on Monday, January 12th. Piper Sandler upped their price objective on shares of Phillips 66 from $153.00 to $156.00 and gave the stock a "neutral" rating in a research report on Thursday, February 5th. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $154.00 to $151.00 and set an "overweight" rating for the company in a research note on Tuesday, January 13th. Wolfe Research lifted their target price on shares of Phillips 66 from $159.00 to $164.00 and gave the stock an "outperform" rating in a research report on Monday, January 26th. Finally, Citigroup boosted their target price on Phillips 66 from $146.00 to $159.00 and gave the stock a "neutral" rating in a research note on Monday, February 9th. Eleven research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $160.11.

Insider Buying and Selling

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president directly owned 25,799 shares of the company's stock, valued at approximately $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Don Baldridge sold 7,500 shares of the firm's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the completion of the sale, the executive vice president directly owned 38,488 shares of the company's stock, valued at $6,158,080. This represents a 16.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 38,088 shares of company stock valued at $6,147,655. 0.22% of the stock is owned by company insiders.

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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