M&T Bank Corp Increases Stock Holdings in Phillips 66 $PSX

Key Points

• M&T Bank Corp boosted its stake in Phillips 66 by 462.9% in Q4 to 2,727,888 shares (about 0.68% of PSX), valued near $352 million and making PSX its 14th-largest holding.
• Several analysts have raised price targets (e.g., Argus to $185, Wolfe to $193), but the consensus remains an average "Hold" rating with a mean target of $180.72.
• Phillips 66 declared a quarterly dividend of $1.27 ($5.08 annual), a ~3.2% yield, payable June 1 with record/ex-dividend date of May 18.

M&T Bank Corp increased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 462.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,727,888 shares of the oil and gas company's stock after purchasing an additional 2,243,268 shares during the period. Phillips 66 accounts for 1.0% of M&T Bank Corp's investment portfolio, making the stock its 14th biggest position. M&T Bank Corp owned about 0.68% of Phillips 66 worth $352,007,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in PSX. Board of the Pension Protection Fund acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $26,000. Accordant Advisory Group Inc boosted its position in shares of Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $27,000. Stephens Consulting LLC boosted its position in shares of Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 90 shares during the last quarter. Finally, Dorato Capital Management acquired a new stake in shares of Phillips 66 in the fourth quarter worth approximately $35,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research analyst reports. Argus raised their target price on shares of Phillips 66 from $152.00 to $185.00 and gave the stock a "buy" rating in a research report on Tuesday, February 10th. Wolfe Research lifted their target price on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a report on Monday, April 6th. Zacks Research cut Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Friday, January 16th. Morgan Stanley lifted their target price on Phillips 66 from $140.00 to $147.00 and gave the company an "equal weight" rating in a report on Thursday, February 5th. Finally, Citigroup lifted their target price on Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a report on Thursday, April 9th. Eleven analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $180.72.

Phillips 66 Trading Up 2.4%

Shares of PSX opened at $159.48 on Wednesday. The company has a market capitalization of $63.91 billion, a P/E ratio of 14.74, a P/E/G ratio of 0.27 and a beta of 0.76. Phillips 66 has a one year low of $98.45 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. The stock has a 50-day moving average price of $166.55 and a 200 day moving average price of $147.51.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 EPS for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. The firm had revenue of $32.16 billion during the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter in the prior year, the business posted ($0.15) earnings per share. Sell-side analysts forecast that Phillips 66 will post 13.37 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be issued a $1.27 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 3.2%. Phillips 66's dividend payout ratio is currently 46.95%.

Insider Transactions at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of the company's stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total value of $659,100.00. Following the sale, the executive vice president directly owned 25,799 shares of the company's stock, valued at $3,869,850. This represents a 14.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director directly owned 8,701 shares in the company, valued at $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 95,923 shares of company stock valued at $16,399,619 in the last three months. 0.40% of the stock is currently owned by company insiders.

About Phillips 66

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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