PNC Financial Services Group Inc. Sells 211,700 Shares of Phillips 66 $PSX

Key Points

• PNC Financial Services cut its Phillips 66 stake by 22% in the fourth quarter, selling 211,700 shares and ending with 751,929 shares worth about $97 million.
• Phillips 66 reported better-than-expected Q1 earnings of $0.49 per share, though revenue of $32.54 billion came in below analyst estimates.
• The company announced a quarterly dividend of $1.27 per share, which implies an annualized yield of 2.8% and a payout ratio of about 50%.

PNC Financial Services Group Inc. decreased its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 22.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 751,929 shares of the oil and gas company's stock after selling 211,700 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.19% of Phillips 66 worth $97,029,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Phillips 66 by 11.6% in the 3rd quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company's stock worth $7,035,574,000 after purchasing an additional 5,356,558 shares in the last quarter. M&T Bank Corp boosted its stake in shares of Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company's stock valued at $352,007,000 after purchasing an additional 2,243,268 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Phillips 66 by 424.7% during 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 purchasing an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in shares of Phillips 66 during the second quarter worth about $107,967,000. Finally, Holocene Advisors LP increased its stake in shares of Phillips 66 by 2,433.1% in the second quarter. Holocene Advisors LP now owns 711,599 shares of the oil and gas company's stock valued at $84,894,000 after buying an additional 683,507 shares during the period. Institutional investors own 76.93% of the company's stock.

Insider Activity

In other Phillips 66 news, Director Kevin Omar Meyers purchased 175 shares of the firm's stock in a transaction on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the transaction, the executive vice president directly owned 61,595 shares of the company's stock, valued at approximately $10,442,200.35. This trade represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 114,029 shares of company stock worth $19,641,455 over the last ninety days. Corporate insiders own 0.40% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on PSX. Scotiabank raised their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Wolfe Research boosted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Mizuho raised their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the company a "neutral" rating in a research note on Tuesday, March 17th. Piper Sandler lifted their price target on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a "neutral" rating in a report on Wednesday, April 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Phillips 66 from $192.00 to $207.00 and gave the stock a "neutral" rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of "Moderate Buy" and an average target price of $187.11.

Phillips 66 Stock Performance

Shares of PSX stock opened at $179.54 on Thursday. The business's 50 day simple moving average is $171.72 and its 200 day simple moving average is $152.86. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The stock has a market capitalization of $71.98 billion, a PE ratio of 17.69, a PEG ratio of 0.27 and a beta of 0.70. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $32.54 billion during the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company's revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the business earned ($0.90) EPS. As a group, research analysts forecast that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 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 2.8%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

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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