Phillips 66 $PSX Shares Bought by Allstate Corp

Key Points

• Allstate Corp increased its stake in Phillips 66 by 31.6% during the first quarter, now holding over 16,000 shares valued at approximately $2 million.
• Phillips 66 announced a quarterly dividend of $1.20 per share, leading to a yield of 3.7%, with a payout ratio of 115.38%.
• The company reported a strong quarter with $2.38 earnings per share, exceeding analysts' estimates, while revenues reached $33.77 billion.

Allstate Corp raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 31.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,355 shares of the oil and gas company's stock after acquiring an additional 3,926 shares during the period. Allstate Corp's holdings in Phillips 66 were worth $2,020,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Pacific Center for Financial Services acquired a new position in Phillips 66 during the fourth quarter valued at $27,000. von Borstel & Associates Inc. purchased a new position in shares of Phillips 66 during the 1st quarter valued at about $27,000. Olde Wealth Management LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at about $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at about $29,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 in the first quarter worth about $29,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sigmund L. Cornelius purchased 500 shares of the stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the purchase, the director directly 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 disclosure for this purchase can be found here. Insiders bought a total of 9,850 shares of company stock worth $1,188,910 in the last three months. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

Phillips 66 stock opened at $129.8020 on Friday. The stock has a market capitalization of $52.46 billion, a P/E ratio of 31.20, a P/E/G ratio of 1.68 and a beta of 1.09. The company's fifty day moving average price is $124.31 and its 200 day moving average price is $119.05. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $33.77 billion during 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 period in the prior year, the business posted $2.31 earnings per share. As a group, equities research analysts anticipate that Phillips 66 will post 6.8 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 Tuesday, September 2nd. Investors of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Scotiabank reiterated a "sector perform" rating and set a $133.00 price target on shares of Phillips 66 in a research report on Friday, July 11th. Tudor Pickering cut shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 22nd. Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the company an "outperform" rating in a report on Tuesday, July 15th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 target price (up from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Finally, Wells Fargo & Company dropped their price target on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $136.20.

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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