PNC Financial Services Group Inc. Acquires 12,609 Shares of Phillips 66 (NYSE:PSX)

Key Points

• PNC Financial Services Group Inc. increased its stake in Phillips 66 by 1.6% in Q1, acquiring an additional 12,609 shares and holding approximately 0.20% of the company, valued at $100,448,000.
• Phillips 66 reported a $2.38 EPS for the last quarter, exceeding analyst expectations of $1.79, while total revenue reached $33.77 billion, surpassing estimates of $32.11 billion.
• The company announced a quarterly dividend of $1.20, which will be paid on September 2, with a dividend yield of 4.0%, although the payout ratio stands at 115.38%.

PNC Financial Services Group Inc. lifted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 813,474 shares of the oil and gas company's stock after acquiring an additional 12,609 shares during the period. PNC Financial Services Group Inc. owned approximately 0.20% of Phillips 66 worth $100,448,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Endeavor Private Wealth Inc. raised its position in shares of Phillips 66 by 486.7% in the 1st quarter. Endeavor Private Wealth Inc. now owns 5,791 shares of the oil and gas company's stock worth $715,000 after acquiring an additional 4,804 shares in the last quarter. TIAA Trust National Association increased its position in Phillips 66 by 6.7% in the 1st quarter. TIAA Trust National Association now owns 18,777 shares of the oil and gas company's stock valued at $2,319,000 after buying an additional 1,172 shares in the last quarter. Clearwater Capital Advisors LLC bought a new stake in Phillips 66 in the 1st quarter valued at about $2,729,000. MONECO Advisors LLC increased its position in Phillips 66 by 9.6% in the 1st quarter. MONECO Advisors LLC now owns 7,840 shares of the oil and gas company's stock valued at $968,000 after buying an additional 687 shares in the last quarter. Finally, ProVise Management Group LLC increased its position in Phillips 66 by 11.2% in the 1st quarter. ProVise Management Group LLC now owns 2,333 shares of the oil and gas company's stock valued at $288,000 after buying an additional 235 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company's stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $130.00, for a total value of $571,090.00. Following the completion of the transaction, the executive vice president directly owned 43,373 shares of the company's stock, valued at $5,638,490. This represents a 9.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Michael A. Heim bought 1,000 shares of Phillips 66 stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $125.97 per share, with a total value of $125,970.00. Following the completion of the acquisition, the director owned 12,043 shares of the company's stock, valued at $1,517,056.71. This represents a 9.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 1,939 shares of company stock valued at $237,725 over the last quarter. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Stock Performance

PSX stock opened at $119.59 on Friday. The firm has a market cap of $48.33 billion, a PE ratio of 28.75, a P/E/G ratio of 1.63 and a beta of 1.09. The company has a quick ratio of 0.88, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. The business has a 50 day moving average of $122.41 and a 200-day moving average of $118.89. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.59. The company had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%. During the same period in the prior year, the company posted $2.31 earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be issued a $1.20 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 4.0%. Phillips 66's dividend payout ratio is currently 115.38%.

Analysts Set New Price Targets

A number of analysts recently commented on PSX shares. Cantor Fitzgerald started coverage on Phillips 66 in a research report on Wednesday, June 18th. They issued a "neutral" rating for the company. Scotiabank reaffirmed a "sector perform" rating and issued a $133.00 target price on shares of Phillips 66 in a research report on Friday, July 11th. Tudor Pickering lowered Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 22nd. Mizuho boosted their target price on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research report on Tuesday, May 13th. Finally, Wall Street Zen raised Phillips 66 from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Ten analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $136.13.

Phillips 66 Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.