Phillips 66 $PSX Shares Bought by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. raised its stake in Phillips 66 by 14.7% to 555,125 shares, worth about $75.5 million, with institutional investors now owning roughly 76.9% of the stock.
• Phillips 66 posted an EPS of $2.47 (beating estimates by $0.32) and increased its quarterly dividend to $1.27 (annualized $5.08), implying a yield of about 3.1%.
• Insiders have been net sellers recently — the CFO sold 16,856 shares and insiders sold 38,088 shares in the last 90 days — while analysts' average target price is around $160.11 (consensus "Hold").

Russell Investments Group Ltd. raised its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 14.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 555,125 shares of the oil and gas company's stock after buying an additional 71,131 shares during the quarter. Russell Investments Group Ltd. owned about 0.14% of Phillips 66 worth $75,543,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Inceptionr LLC acquired a new stake in Phillips 66 in the 3rd quarter valued at about $989,000. Private Advisor Group LLC boosted its holdings in shares of Phillips 66 by 2.4% during the 3rd quarter. Private Advisor Group LLC now owns 33,845 shares of the oil and gas company's stock worth $4,604,000 after purchasing an additional 786 shares during the last quarter. Flavin Financial Services Inc. grew its position in shares of Phillips 66 by 21.4% in the third quarter. Flavin Financial Services Inc. now owns 12,682 shares of the oil and gas company's stock valued at $1,725,000 after purchasing an additional 2,237 shares in the last quarter. B. Metzler seel. Sohn & Co. AG grew its position in shares of Phillips 66 by 0.8% in the third quarter. B. Metzler seel. Sohn & Co. AG now owns 21,427 shares of the oil and gas company's stock valued at $2,914,000 after purchasing an additional 165 shares in the last quarter. Finally, Parallel Advisors LLC increased its holdings in shares of Phillips 66 by 3.0% in the third quarter. Parallel Advisors LLC now owns 10,059 shares of the oil and gas company's stock valued at $1,368,000 after purchasing an additional 291 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

NYSE PSX opened at $162.60 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market cap of $65.16 billion, a P/E ratio of 15.03, a P/E/G ratio of 0.57 and a beta of 0.86. The stock has a 50-day moving average of $148.88 and a two-hundred day moving average of $139.30. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $169.62.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.15 by $0.32. The business had revenue of $32.16 billion for the quarter, compared to analysts' expectations of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the prior year, the company earned ($0.15) earnings per share. As a group, analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd were issued a dividend of $1.27 per share. This is a boost from Phillips 66's previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. This represents a $5.08 dividend on an annualized basis and a yield of 3.1%. Phillips 66's dividend payout ratio (DPR) is currently 46.95%.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 16,856 shares of Phillips 66 stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,380,590.72. This trade represents a 14.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Don Baldridge sold 7,500 shares of the business's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $160.00, for a total value of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares of the company's stock, valued at $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 38,088 shares of company stock valued at $6,147,655 in the last 90 days. Company insiders own 0.22% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PSX. Argus boosted their price objective on Phillips 66 from $152.00 to $185.00 and gave the stock a "buy" rating in a research note on Tuesday, February 10th. Wells Fargo & Company raised their target price on Phillips 66 from $162.00 to $163.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $154.00 to $151.00 and set an "overweight" rating on the stock in a report on Tuesday, January 13th. BMO Capital Markets reissued an "outperform" rating and set a $170.00 price target on shares of Phillips 66 in a research report on Friday, February 6th. Finally, Piper Sandler upped their price objective on shares of Phillips 66 from $153.00 to $156.00 and gave the company a "neutral" rating in a report on Thursday, February 5th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $160.11.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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