Public Sector Pension Investment Board Acquires 3,308 Shares of Phillips 66 (NYSE:PSX)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Phillips 66 (NYSE:PSX) by 3.1% during the first quarter, totaling over $13.64 million in value.
• Phillips 66 reported strong quarterly earnings of $2.38 per share, surpassing estimates, with revenue of $33.77 billion for the quarter.
• The company announced a quarterly dividend of $1.20 per share, representing a yield of 4.0%, with a dividend payout ratio of 115.38%.

Public Sector Pension Investment Board lifted its holdings in shares of Phillips 66 (NYSE:PSX - Free Report) by 3.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 110,431 shares of the oil and gas company's stock after buying an additional 3,308 shares during the period. Public Sector Pension Investment Board's holdings in Phillips 66 were worth $13,636,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PSX. Pacific Center for Financial Services acquired a new position in Phillips 66 during the 4th quarter valued at about $27,000. von Borstel & Associates Inc. acquired a new position in shares of Phillips 66 in the 1st quarter worth approximately $27,000. Olde Wealth Management LLC acquired a new position in shares of Phillips 66 in the 1st quarter worth approximately $28,000. Wood Tarver Financial Group LLC acquired a new position in shares of Phillips 66 in the 4th quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the 1st quarter worth approximately $29,000. Institutional investors own 76.93% of the company's stock.

Insider Activity at Phillips 66

In other news, Director Michael A. Heim bought 1,000 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $125.97 per share, with a total value of $125,970.00. Following the acquisition, the director owned 12,043 shares in the company, valued at $1,517,056.71. This trade represents a 9.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sigmund L. Cornelius bought 500 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the completion of the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 10,289 shares of company stock worth $1,238,890. Corporate insiders own 0.22% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PSX. Compass Point began coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They issued a "buy" rating on the stock. Raymond James Financial set a $142.00 target price on shares of Phillips 66 and gave the stock an "outperform" rating in a report on Tuesday, July 15th. Morgan Stanley raised their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a report on Wednesday, July 16th. Piper Sandler reiterated a "neutral" rating and issued a $145.00 target price (up from $144.00) on shares of Phillips 66 in a report on Monday, August 4th. Finally, Wells Fargo & Company decreased their target price on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a report on Wednesday, June 11th. Ten analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of "Moderate Buy" and a consensus target price of $136.20.

Phillips 66 Price Performance

PSX traded up $0.21 during trading on Thursday, hitting $122.79. The company's stock had a trading volume of 2,094,815 shares, compared to its average volume of 2,460,342. The firm's 50 day moving average price is $123.66 and its two-hundred day moving average price is $118.89. The company has a quick ratio of 0.79, a current ratio of 1.07 and a debt-to-equity ratio of 0.60. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $140.85. The stock has a market capitalization of $49.62 billion, a price-to-earnings ratio of 29.52, a price-to-earnings-growth ratio of 1.68 and a beta of 1.09.

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

Phillips 66 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be paid a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio is currently 115.38%.

Phillips 66 Company 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.