Prudential PLC Raises Stake in Phillips 66 $PSX

Key Points

• Prudential PLC significantly increased its position in Phillips 66, boosting its stake by 313% in the fourth quarter to 25,683 shares valued at about $3.31 million.
• Phillips 66 saw notable insider selling, including sales by Director Lisa Ann Davis and EVP Brian Mandell, with insiders selling 92,229 shares worth nearly $16 million over the last 90 days.
• Analysts remain mostly positive on PSX, with the stock carrying a consensus rating of “Moderate Buy” and an average price target of $191.28 after several firms raised their targets.

Prudential PLC increased its stake in Phillips 66 (NYSE:PSX - Free Report) by 313.0% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,683 shares of the oil and gas company's stock after buying an additional 19,464 shares during the quarter. Prudential PLC's holdings in Phillips 66 were worth $3,314,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Board of the Pension Protection Fund purchased a new position in shares of Phillips 66 in the 4th quarter worth about $26,000. Accordant Advisory Group Inc boosted its holdings in shares of Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after buying an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Phillips 66 in the 4th quarter worth about $27,000. Stephens Consulting LLC boosted 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 worth $29,000 after buying an additional 90 shares during the last quarter. Finally, Dorato Capital Management purchased a new position in shares of Phillips 66 in the 4th quarter worth about $35,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $174.37, for a total transaction of $662,606.00. Following the sale, the director directly owned 8,701 shares in the company, valued at $1,517,193.37. This represents a 30.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 42,800 shares of the company's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $169.53, for a total value of $7,255,884.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 92,229 shares of company stock valued at $15,990,030. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

PSX has been the topic of a number of research analyst reports. Barclays boosted their price target on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Argus boosted their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a "buy" rating in a research note on Thursday, May 14th. Wolfe Research boosted their price objective on Phillips 66 from $187.00 to $193.00 and gave the company an "outperform" rating in a research note on Monday, April 6th. TD Cowen boosted their price objective on Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a research note on Wednesday, April 1st. Finally, Morgan Stanley restated an "overweight" rating and issued a $180.00 price objective on shares of Phillips 66 in a research note on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $191.28.

Phillips 66 Trading Down 0.5%

Shares of Phillips 66 stock opened at $183.30 on Friday. Phillips 66 has a 52-week low of $112.95 and a 52-week high of $190.61. The stock's 50-day simple moving average is $172.76 and its 200 day simple moving average is $156.17. The stock has a market capitalization of $73.49 billion, a P/E ratio of 18.06, a P/E/G ratio of 0.27 and a beta of 0.68. 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 announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business had revenue of $32.54 billion for the quarter, compared to analysts' expectations of $35.86 billion. During the same period in the previous year, the business posted ($0.90) EPS. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, research analysts anticipate that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. Phillips 66's dividend payout ratio is currently 50.05%.

Phillips 66 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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