Phillips 66 $PSX Shares Purchased by OMERS ADMINISTRATION Corp

Key Points

• OMERS Administration increased its Phillips 66 holdings by 19.5% in the first quarter to 36,146 shares valued at approximately $6.6 million. Institutional investors collectively own 76.93% of the company.
• Analyst sentiment remains cautiously positive, with Phillips 66 carrying a “Moderate Buy” consensus rating and an average price target of $200.44; recent targets range from $183 to $208.
• Phillips 66 shares opened at $206.94, near their 52-week high of $216.08. The company reported quarterly EPS of $0.49, above expectations, and declared a quarterly dividend of $1.27 per share, representing a 2.5% annualized yield.

OMERS ADMINISTRATION Corp grew its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 19.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 36,146 shares of the oil and gas company's stock after acquiring an additional 5,894 shares during the period. OMERS ADMINISTRATION Corp's holdings in Phillips 66 were worth $6,585,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Norges Bank purchased a new stake in Phillips 66 during the 4th quarter worth approximately $640,206,000. M&T Bank Corp increased its stake in shares of Phillips 66 by 462.9% in the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock worth $352,007,000 after buying an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Phillips 66 by 424.7% in the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company's stock worth $257,512,000 after buying an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC acquired a new stake in Phillips 66 in the second quarter valued at $107,967,000. Finally, NewEdge Advisors LLC boosted its stake in Phillips 66 by 732.0% during the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company's stock valued at $128,647,000 after acquiring an additional 877,131 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 41,021 shares of company stock worth $7,195,257 in the last three months. Company insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

PSX has been the topic of several research analyst reports. Jefferies Financial Group increased their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a "hold" rating in a research report on Thursday, July 9th. Barclays increased their target price on Phillips 66 from $177.00 to $183.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Piper Sandler reiterated a "neutral" rating and issued a $208.00 target price on shares of Phillips 66 in a research report on Thursday. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research report on Thursday, April 30th. Finally, Zacks Research lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and an average price target of $200.44.

Phillips 66 Trading Up 0.1%

Phillips 66 stock opened at $206.94 on Monday. The firm has a 50-day moving average price of $182.54 and a two-hundred day moving average price of $168.48. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $216.08. The firm has a market capitalization of $82.97 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.16 and a beta of 0.69. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm's revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm earned ($0.90) EPS. Sell-side analysts expect that Phillips 66 will post 22.43 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66's dividend payout ratio (DPR) is presently 50.05%.

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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