Phillips 66 $PSX Shares Purchased by Truist Financial Corp

Key Points

• Truist Financial Corp increased its stake in Phillips 66 by 0.4%, owning 588,650 shares worth approximately $70.2 million as of the latest SEC filing.
• Phillips 66 reported earnings of $2.38 per share for the last quarter, exceeding analysts' expectations, and achieved revenue of $33.77 billion, surpassing estimates.
• The company declared a quarterly dividend of $1.20 per share, representing an annualized yield of 3.6%, with a high dividend payout ratio of 115.38%.

Truist Financial Corp grew its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 0.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 588,650 shares of the oil and gas company's stock after acquiring an additional 2,135 shares during the quarter. Truist Financial Corp owned about 0.14% of Phillips 66 worth $70,226,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Elliott Investment Management L.P. increased its holdings in Phillips 66 by 1,929.0% in the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company's stock worth $1,941,723,000 after buying an additional 14,950,000 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in Phillips 66 by 20.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock worth $19,625,000 after buying an additional 26,825 shares during the period. Alta Advisers Ltd acquired a new position in Phillips 66 in the 1st quarter worth approximately $253,000. Sustainable Insight Capital Management LLC acquired a new position in Phillips 66 in the 1st quarter worth approximately $1,457,000. Finally, Evergreen Wealth Solutions LLC acquired a new position in Phillips 66 in the 1st quarter worth approximately $292,000. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Trading Down 1.0%

Shares of NYSE:PSX opened at $134.68 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The firm has a market capitalization of $54.43 billion, a price-to-earnings ratio of 32.37, a price-to-earnings-growth ratio of 1.97 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The business's 50 day moving average price is $128.50 and its 200-day moving average price is $120.42.

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

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PSX shares. Morgan Stanley increased their price target on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Compass Point assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating on the stock. Zacks Research raised shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Friday, September 26th. Raymond James Financial raised their price objective on shares of Phillips 66 from $142.00 to $145.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $139.44.

Insiders Place Their Bets

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Gregory Hayes acquired 8,350 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was purchased at an average price of $119.90 per share, for a total transaction of $1,001,165.00. Following the acquisition, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This represents a 39.62% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 9,850 shares of company stock worth $1,188,910 and have sold 13,179 shares worth $1,779,165. Corporate insiders own 0.22% of the company's stock.

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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