Mizuho Securities USA LLC Sells 6,074 Shares of Phillips 66 (NYSE:PSX)

Key Points

• Mizuho Securities USA LLC reduced its stake in Phillips 66 by 15.5%, selling 6,074 shares during the first quarter, leaving them with 33,068 shares valued at $4.08 million.
• Phillips 66 reported a quarterly earnings per share (EPS) of $2.38, surpassing estimates of $1.79, and had a revenue of $33.77 billion during the same period.
• The company announced a quarterly dividend of $1.20 per share, yielding 4.0%, with the ex-dividend date set for August 19th.

Mizuho Securities USA LLC decreased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 15.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 33,068 shares of the oil and gas company's stock after selling 6,074 shares during the quarter. Mizuho Securities USA LLC's holdings in Phillips 66 were worth $4,083,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of PSX. Pacific Center for Financial Services bought a new stake in Phillips 66 during the fourth quarter worth about $27,000. von Borstel & Associates Inc. bought a new stake in Phillips 66 during the first quarter worth about $27,000. Olde Wealth Management LLC bought a new stake in Phillips 66 during the first quarter worth about $28,000. Wood Tarver Financial Group LLC bought a new stake in Phillips 66 during the fourth quarter worth about $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in Phillips 66 during the first quarter worth about $29,000. Institutional investors own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PSX shares. Wells Fargo & Company cut their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research report on Wednesday, June 11th. Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Piper Sandler reissued a "neutral" rating and issued a $145.00 target price (up previously from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. Citigroup cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and increased their target price for the stock from $126.00 to $130.00 in a report on Wednesday, July 16th. Finally, Barclays increased their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 9th. Ten investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Phillips 66 presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Stock Performance

Phillips 66 stock opened at $119.14 on Friday. The business has a 50 day moving average of $123.09 and a 200-day moving average of $118.91. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The company has a market capitalization of $48.15 billion, a P/E ratio of 28.64, a P/E/G ratio of 1.61 and a beta of 1.09.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. 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 firm posted $2.31 earnings per share. On average, equities research analysts predict that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction that occurred on 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 sale, the executive vice president owned 56,838 shares of the company's stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the 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 sale, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. This represents a 9.20% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have acquired 1,939 shares of company stock worth $237,725. Company insiders own 0.22% of the company's stock.

Phillips 66 Profile

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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