OLD National Bancorp IN Acquires 37,900 Shares of Phillips 66 $PSX

Key Points

• OLD National Bancorp IN increased its holdings in Phillips 66 by 533.7%, acquiring an additional 37,900 shares in the second quarter, bringing its total investment to approximately $5.37 million.
• Analysts have upgraded Philips 66's stock, with Zacks Research shifting its rating from "hold" to "strong-buy" and a consensus target price of $140.19.
• Phillips 66 recently declared a quarterly dividend of $1.20 per share, resulting in an annualized dividend yield of 3.6%, despite a high payout ratio of 115.38%.

OLD National Bancorp IN boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 533.7% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 45,001 shares of the oil and gas company's stock after purchasing an additional 37,900 shares during the quarter. OLD National Bancorp IN's holdings in Phillips 66 were worth $5,369,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PSX. Wolff Wiese Magana LLC grew its position in Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock worth $26,000 after buying an additional 82 shares in the last quarter. von Borstel & Associates Inc. bought a new stake in shares of Phillips 66 during the 1st quarter valued at $27,000. Olde Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth $28,000. Opal Wealth Advisors LLC acquired a new stake in shares of Phillips 66 during the 1st quarter worth $29,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in shares of Phillips 66 in the first quarter worth $29,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSX. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 26th. Piper Sandler increased their price target on shares of Phillips 66 from $154.00 to $155.00 and gave the stock a "neutral" rating in a research report on Monday, September 29th. Mizuho lifted their price objective on shares of Phillips 66 from $140.00 to $142.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Wall Street Zen upgraded Phillips 66 from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Finally, Jefferies Financial Group lifted their price target on Phillips 66 from $130.00 to $133.00 and gave the company a "hold" rating in a research note on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $140.19.

Insider Transactions at Phillips 66

In other news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The stock was bought at an average price of $125.97 per share, with a total value of $125,970.00. Following the completion of the purchase, the director directly owned 12,043 shares of the company's stock, valued at $1,517,056.71. This represents a 9.06% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Gregory Hayes bought 8,350 shares of the business's stock in a transaction that occurred on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the completion of the transaction, the director owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 9,850 shares of company stock valued at $1,188,910 and have sold 13,179 shares valued at $1,779,165. Insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $133.14 on Monday. The company's 50 day moving average price is $128.89 and its two-hundred day moving average price is $120.37. The firm has a market capitalization of $53.80 billion, a P/E ratio of 32.00, a P/E/G ratio of 1.91 and a beta of 1.11. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $32.11 billion. During the same period in the prior year, the company earned $2.31 EPS. On average, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Tuesday, August 19th. Phillips 66's payout ratio is 115.38%.

About Phillips 66

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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