Norges Bank Makes New $640.21 Million Investment in Phillips 66 $PSX

Key Points

• Norges Bank opened a large new position in Phillips 66, buying about 4.96 million shares valued at roughly $640.2 million and representing about 1.23% ownership of the company.
• Phillips 66 reported better-than-expected quarterly EPS of $0.49 versus an estimated loss, though revenue of $32.54 billion came in below forecasts. The company also posted year-over-year revenue growth and continues to trade near its 52-week high.
• The company declared a quarterly dividend of $1.27 per share, implying an annualized yield of about 2.9%. Analysts remain generally positive, with a Moderate Buy consensus and a price target around $191.28.

Norges Bank purchased a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,961,297 shares of the oil and gas company's stock, valued at approximately $640,206,000. Norges Bank owned about 1.23% of Phillips 66 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PSX. Board of the Pension Protection Fund acquired a new position in Phillips 66 during the fourth quarter worth approximately $26,000. Accordant Advisory Group Inc grew 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 valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Phillips 66 in the fourth quarter valued at approximately $27,000. Stephens Consulting LLC grew 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 valued at $29,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorato Capital Management acquired a new position in shares of Phillips 66 in the fourth quarter valued at approximately $35,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Down 0.0%

Shares of PSX stock opened at $175.79 on Monday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a market cap of $70.48 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 0.26 and a beta of 0.68. The stock has a 50 day simple moving average of $172.38 and a 200 day simple moving average of $154.77. Phillips 66 has a 1 year low of $111.19 and a 1 year high of $190.61.

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 (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.90) earnings per share. On average, research analysts predict that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66's payout ratio is 50.05%.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 42,800 shares of the business's stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $10,442,200.35. The trade was a 41.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Kevin Omar Meyers purchased 175 shares of the business's stock in a transaction that occurred on Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares of the company's stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 114,029 shares of company stock valued at $19,641,455. 0.40% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Jefferies Financial Group upped their target price on Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a research report on Tuesday, May 26th. Piper Sandler upped their target price on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a research report on Wednesday, April 8th. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and upped their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. UBS Group upped their target price on Phillips 66 from $172.00 to $212.00 and gave the company a "buy" rating in a research report on Thursday, April 2nd. Finally, Zacks Research raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.28.

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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