Principal Financial Group Inc. Has $65.62 Million Stake in Phillips 66 (NYSE:PSX)

Principal Financial Group Inc. raised its holdings in Phillips 66 (NYSE:PSX - Free Report) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 531,381 shares of the oil and gas company's stock after purchasing an additional 13,489 shares during the quarter. Principal Financial Group Inc. owned 0.13% of Phillips 66 worth $65,615,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PSX. Price T Rowe Associates Inc. MD lifted its stake in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the last quarter. Norges Bank bought a new position in shares of Phillips 66 in the 4th quarter valued at $497,648,000. Raymond James Financial Inc. bought a new position in shares of Phillips 66 in the 4th quarter valued at $168,790,000. Capitolis Liquid Global Markets LLC bought a new position in shares of Phillips 66 in the 4th quarter valued at $142,185,000. Finally, GAMMA Investing LLC lifted its stake in shares of Phillips 66 by 14,119.5% in the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after acquiring an additional 1,181,240 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Trading Up 0.3%

Shares of PSX stock traded up $0.34 during mid-day trading on Friday, hitting $126.80. The company's stock had a trading volume of 1,290,860 shares, compared to its average volume of 3,110,757. The company's fifty day simple moving average is $116.94 and its 200-day simple moving average is $117.09. Phillips 66 has a 52 week low of $91.01 and a 52 week high of $150.12. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The company has a market cap of $51.66 billion, a PE ratio of 28.88, a P/E/G ratio of 2.00 and a beta of 1.02.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The business had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. During the same period last year, the business posted $1.90 earnings per share. As a group, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $1.20 dividend. The ex-dividend date was Monday, May 19th. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 3.79%. Phillips 66's dividend payout ratio (DPR) is 109.34%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Raymond James Financial dropped their price target on Phillips 66 from $150.00 to $140.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Morgan Stanley lowered their target price on Phillips 66 from $140.00 to $122.00 and set an "equal weight" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. set a $115.00 target price on Phillips 66 in a research report on Wednesday, June 18th. TD Cowen raised their target price on Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, May 13th. Finally, Cantor Fitzgerald assumed coverage on Phillips 66 in a research report on Wednesday, June 18th. They set a "neutral" rating for the company. Eight equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $133.93.

Insider Activity

In other news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert W. Pease bought 439 shares of Phillips 66 stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $113.85 per share, with a total value of $49,980.15. Following the completion of the purchase, the director owned 4,091 shares in the company, valued at $465,760.35. This trade represents a 12.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 0.22% of the company's stock.

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.