Phillips 66 $PSX Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its Phillips 66 stake by 7.6%, selling 123,373 shares and retaining 1.49 million shares worth approximately $271.4 million. Institutional investors collectively own 76.93% of the company.
• Phillips 66 reported quarterly EPS of $0.49, beating estimates by $1.03, while revenue rose 6.9% year over year to $32.54 billion. The company declared a quarterly dividend of $1.27 per share, equivalent to a 2.5% annualized yield.
• PSX shares opened at $206.97, near their 52-week high, and analysts maintain a consensus “Moderate Buy” rating with a $201.72 target price. Recent developments include supportive refining margins and potential proceeds from a possible sale of the company’s stake in the Explorer pipeline.

Royal Bank of Canada lessened its stake in Phillips 66 (NYSE:PSX - Free Report) by 7.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,489,962 shares of the oil and gas company's stock after selling 123,373 shares during the quarter. Royal Bank of Canada owned 0.37% of Phillips 66 worth $271,441,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Brighton Jones LLC increased its position in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after purchasing an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its position in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. lifted its position in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock worth $18,788,000 after purchasing an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock worth $41,359,000 after purchasing an additional 28,988 shares in the last quarter. Finally, Glenview Trust co grew its stake in shares of Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after purchasing an additional 229 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Key Phillips 66 News

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Energy-sector momentum: Energy stocks rallied late Wednesday, with the NYSE Energy Sector Index rising 2.3%, providing a favorable backdrop for refiners such as Phillips 66. Sector Update: Energy Stocks Gain Late Afternoon
• Positive Sentiment: Refining margins remain supportive: Iran-related supply disruptions and record crack spreads are improving the earnings outlook for U.S. refiners. Phillips 66 has also benefited from better recent results, shareholder returns and a quarterly dividend of $1.27, or $5.08 annualized. Phillips 66 Gains On Refining Strength, Is The Stock Fully Priced?
• Positive Sentiment: Potential asset-sale proceeds: Phillips 66 and Shell are reportedly considering selling their stakes in Explorer, which owns a major refined-products pipeline valued at approximately $3.5 billion. A transaction could unlock value and strengthen PSX’s balance sheet, although no deal is confirmed. Shell, Phillips 66 weigh sale of stakes in $3.5 billion US pipeline Explorer

Insiders Place Their Bets

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company's stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company's stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 45,107 shares of company stock valued at $8,057,584 over the last quarter. Company insiders own 0.40% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX stock opened at $206.97 on Thursday. The stock's 50-day moving average is $184.11 and its two-hundred day moving average is $169.90. The firm has a market cap of $82.98 billion, a price-to-earnings ratio of 20.39, a PEG ratio of 0.16 and a beta of 0.69. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $216.08. 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 posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.90) EPS. Analysts predict 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 given a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.5%. Phillips 66's payout ratio is 50.05%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PSX. Raymond James Financial raised their price target on Phillips 66 from $218.00 to $235.00 and gave the company an "outperform" rating in a research note on Monday, July 13th. Piper Sandler reaffirmed a "neutral" rating and set a $208.00 price objective on shares of Phillips 66 in a research report on Thursday, July 23rd. Scotiabank increased their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Mizuho raised Phillips 66 from a "neutral" rating to an "outperform" rating and raised their target price for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, Weiss Ratings cut Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a research note on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $201.72.

Phillips 66 Company 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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