Phillips 66 $PSX Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC cut its Phillips 66 stake by 16.4% in the fourth quarter, selling 168,649 shares and leaving it with 860,459 shares worth about $110.8 million.
• Insider activity was mixed: Director Kevin Omar Meyers bought 175 shares, while CFO Kevin J. Mitchell sold 29,400 shares for nearly $5.0 million. Over the last quarter, insiders sold 45,629 shares total.
• Phillips 66 reported better-than-expected EPS of $0.49 in its latest quarter, raised revenue 6.9% year over year, and continues to pay a quarterly dividend of $1.27 per share, yielding about 3.1%.

Hsbc Holdings PLC reduced its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 16.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 860,459 shares of the oil and gas company's stock after selling 168,649 shares during the period. Hsbc Holdings PLC owned about 0.21% of Phillips 66 worth $110,832,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in PSX. Board of the Pension Protection Fund acquired a new stake in Phillips 66 in the fourth quarter valued at approximately $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% during the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Phillips 66 in the 4th quarter valued at approximately $27,000. SWAN Capital LLC increased its position in shares of Phillips 66 by 1,055.6% in the 4th quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 190 shares during the last quarter. Finally, Stephens Consulting LLC raised its holdings in shares of Phillips 66 by 67.7% in the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 90 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In related news, Director Kevin Omar Meyers bought 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director directly owned 16,799 shares of the company's stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This represents a 23.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 45,629 shares of company stock valued at $8,071,540. Insiders own 0.40% of the company's stock.

Phillips 66 Stock Performance

Phillips 66 stock opened at $166.13 on Monday. Phillips 66 has a fifty-two week low of $118.00 and a fifty-two week high of $190.61. The company has a market capitalization of $66.61 billion, a price-to-earnings ratio of 16.37, a PEG ratio of 0.24 and a beta of 0.68. The stock has a fifty day moving average of $171.94 and a two-hundred day moving average of $159.07. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66's revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.90) earnings per share. On average, analysts anticipate that Phillips 66 will post 18.22 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. Phillips 66's payout ratio is 50.05%.

Analysts Set New Price Targets

A number of analysts have issued reports on PSX shares. Wells Fargo & Company lifted their price target on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a report on Tuesday, March 31st. Argus raised their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Wall Street Zen upgraded Phillips 66 from a "buy" rating to a "strong-buy" rating in a research note on Saturday, June 13th. Jefferies Financial Group upped their price target on Phillips 66 from $173.00 to $191.00 and gave the company a "hold" rating in a report on Tuesday, May 26th. Finally, UBS Group reiterated a "buy" rating and issued a $212.00 price target on shares of Phillips 66 in a research note on Monday, June 15th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $192.33.

About Phillips 66

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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