OVERSEA CHINESE BANKING Corp Ltd Acquires New Position in Phillips 66 (NYSE:PSX)

Key Points

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OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Phillips 66 (NYSE:PSX - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 3,100 shares of the oil and gas company's stock, valued at approximately $383,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Forum Financial Management LP grew its stake in Phillips 66 by 1.0% in the 4th quarter. Forum Financial Management LP now owns 7,486 shares of the oil and gas company's stock worth $853,000 after buying an additional 77 shares in the last quarter. CWC Advisors LLC. grew its stake in Phillips 66 by 1.0% in the 4th quarter. CWC Advisors LLC. now owns 9,743 shares of the oil and gas company's stock worth $1,110,000 after buying an additional 92 shares in the last quarter. Hager Investment Management Services LLC lifted its holdings in shares of Phillips 66 by 7.2% in the 1st quarter. Hager Investment Management Services LLC now owns 1,438 shares of the oil and gas company's stock worth $178,000 after acquiring an additional 96 shares during the last quarter. Golden State Wealth Management LLC lifted its holdings in shares of Phillips 66 by 14.4% in the 1st quarter. Golden State Wealth Management LLC now owns 772 shares of the oil and gas company's stock worth $95,000 after acquiring an additional 97 shares during the last quarter. Finally, Lantern Wealth Advisors LLC lifted its holdings in shares of Phillips 66 by 4.7% in the 4th quarter. Lantern Wealth Advisors LLC now owns 2,224 shares of the oil and gas company's stock worth $253,000 after acquiring an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Insider Transactions at Phillips 66

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $130.00, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, for a total transaction of $125,970.00. Following the completion of the transaction, the director directly owned 12,043 shares in the company, valued at approximately $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,939 shares of company stock worth $237,725. 0.22% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent research reports. Piper Sandler boosted their price objective on shares of Phillips 66 from $144.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday. Scotiabank restated a "sector perform" rating and issued a $133.00 price objective on shares of Phillips 66 in a report on Friday, July 11th. UBS Group boosted their price objective on shares of Phillips 66 from $141.00 to $143.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Evercore ISI assumed coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price target for the company. Finally, Cantor Fitzgerald assumed coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They set a "neutral" rating for the company. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $136.20.

Phillips 66 Trading Up 1.6%

NYSE PSX traded up $1.86 during trading on Monday, hitting $121.46. The company had a trading volume of 2,102,205 shares, compared to its average volume of 2,762,663. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a one year low of $91.01 and a one year high of $140.85. The company has a market cap of $49.08 billion, a price-to-earnings ratio of 29.20, a price-to-earnings-growth ratio of 1.63 and a beta of 1.09. The company's fifty day moving average is $122.58 and its 200-day moving average is $118.89.

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

Phillips 66 Dividend Announcement

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