Northern Trust Corp Sells 149,428 Shares of Phillips 66 $PSX

Key Points

• Northern Trust Corp decreased its holdings in Phillips 66 by 3.3% in the first quarter, now owning 4,439,651 shares worth approximately $548 million.
• Several analysts have changed their ratings on Phillips 66, with Piper Sandler maintaining a "neutral" rating and Barclays raising their price target to $127.00.
• Phillips 66 announced a quarterly dividend of $1.20 per share, resulting in an annualized dividend of $4.80 and a yield of 3.9%.

Northern Trust Corp cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 4,439,651 shares of the oil and gas company's stock after selling 149,428 shares during the quarter. Northern Trust Corp owned approximately 1.09% of Phillips 66 worth $548,208,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. Pacific Center for Financial Services purchased a new position in shares of Phillips 66 during the 4th quarter valued at $27,000. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 in the first quarter worth about $27,000. Olde Wealth Management LLC bought a new position in shares of Phillips 66 in the first quarter worth about $28,000. Wood Tarver Financial Group LLC purchased a new stake in shares of Phillips 66 during the fourth quarter worth about $29,000. Finally, Opal Wealth Advisors LLC bought a new stake in Phillips 66 during the 1st quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

PSX has been the subject of several recent analyst reports. Evercore ISI initiated coverage on Phillips 66 in a research note on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price target for the company. Morgan Stanley raised their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Finally, Compass Point started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $136.20.

Insider Buying and Selling

In other Phillips 66 news, Director Sigmund L. Cornelius purchased 500 shares of the firm's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director owned 21,543 shares of the company's stock, valued at approximately $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brian Mandell sold 9,800 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 over the last three months. 0.22% of the stock is currently owned by company insiders.

Phillips 66 Trading Up 4.3%

Shares of NYSE:PSX traded up $5.3520 during trading on Friday, hitting $129.8020. The company had a trading volume of 2,674,005 shares, compared to its average volume of 2,228,690. The stock has a market cap of $52.46 billion, a price-to-earnings ratio of 31.20, a price-to-earnings-growth ratio of 1.76 and a beta of 1.09. 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 fifty day simple moving average of $124.31 and a two-hundred day simple moving average of $119.02. Phillips 66 has a one year low of $91.01 and a one year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion for the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter in the prior year, the firm posted $2.31 EPS. As a group, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is presently 115.38%.

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.