Phillips 66 (NYSE:PSX) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG has reduced its holdings in Phillips 66 by 54.3%, selling over 1.4 million shares, leaving them with approximately 0.29% ownership of the company.
• Phillips 66 recently reported an earnings per share (EPS) of $2.38 for the last quarter, exceeding analyst expectations of $1.79, alongside revenues of $33.77 billion.
• The company declared a quarterly dividend of $1.20 per share, yielding 4.0%, with a payout ratio of 115.38%.

Deutsche Bank AG cut its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 54.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,178,611 shares of the oil and gas company's stock after selling 1,400,754 shares during the period. Deutsche Bank AG owned approximately 0.29% of Phillips 66 worth $145,535,000 at the end of the most recent quarter.

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

Phillips 66 Trading Down 0.6%

Shares of NYSE PSX traded down $0.77 during trading on Monday, reaching $118.36. The stock had a trading volume of 1,698,549 shares, compared to its average volume of 3,406,192. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company has a market cap of $47.83 billion, a P/E ratio of 28.45, a PEG ratio of 1.61 and a beta of 1.09. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85. The business's 50-day moving average price is $123.09 and its 200-day moving average price is $118.88.

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

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be issued a $1.20 dividend. The ex-dividend date is Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a yield of 4.1%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on PSX shares. Scotiabank reiterated a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a report on Friday, July 11th. Cantor Fitzgerald started coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating on the stock. Raymond James Financial set a $142.00 price objective on shares of Phillips 66 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Evercore ISI started coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective on the stock. Finally, Barclays increased their price target on Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Ten investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Insider Transactions at Phillips 66

In related news, Director Robert W. Pease bought 439 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average cost of $113.85 per share, with a total value of $49,980.15. Following the transaction, the director directly owned 4,091 shares of the company's stock, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sigmund L. Cornelius purchased 500 shares of Phillips 66 stock in a transaction that occurred on Thursday, July 31st. The stock was bought at an average cost of $123.55 per share, with a total value of $61,775.00. Following the completion of the transaction, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. The trade was a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 1,939 shares of company stock valued at $237,725 in the last 90 days. Insiders own 0.22% of the company's stock.

Phillips 66 Company 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.