Strs Ohio Acquires 12,086 Shares of Phillips 66 $PSX

Key Points

• Strs Ohio increased its stake in Phillips 66 by 4.8% in the first quarter, adding 12,086 shares and bringing its total holding to 265,739 shares worth about $48.4 million.
• Phillips 66 saw mixed insider activity, with CFO Kevin J. Mitchell selling 29,400 shares while Director Kevin Omar Meyers bought 175 shares.
• Analysts remain broadly positive on PSX, with an average rating of “Moderate Buy” and a consensus price target of $192.72; the stock also recently reported stronger-than-expected EPS and continues paying a quarterly dividend of $1.27 per share.

Strs Ohio boosted its holdings in Phillips 66 (NYSE:PSX - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 265,739 shares of the oil and gas company's stock after purchasing an additional 12,086 shares during the period. Strs Ohio owned about 0.07% of Phillips 66 worth $48,412,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PSX. 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 increased its holdings in Phillips 66 by 900.0% during the fourth 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 bought a new stake in Phillips 66 in the fourth quarter worth about $27,000. SWAN Capital LLC boosted its stake in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 190 shares during the last quarter. Finally, Stephens Consulting LLC boosted its stake in Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after acquiring an additional 90 shares during the last quarter. Institutional investors own 76.93% of the company's stock.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kevin Omar Meyers acquired 175 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The SEC filing for this purchase provides additional information. 0.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. Zacks Research upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 27th. Raymond James Financial upped their price objective on Phillips 66 from $215.00 to $218.00 and gave the company an "outperform" rating in a research note on Wednesday, June 10th. Piper Sandler increased their price objective on Phillips 66 from $168.00 to $177.00 and gave the company a "neutral" rating in a report on Wednesday, April 8th. Argus raised their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a research report on Thursday, May 14th. Finally, Citigroup boosted their target price on Phillips 66 from $159.00 to $183.00 and gave the company a "neutral" rating in a research note on Thursday, April 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $192.72.

Phillips 66 Stock Performance

NYSE PSX opened at $176.40 on Friday. The company's 50 day moving average is $174.12 and its 200-day moving average is $161.05. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm has a market cap of $70.72 billion, a P/E ratio of 17.38, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the firm earned ($0.90) EPS. Phillips 66's revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts predict that Phillips 66 will post 18.39 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is presently 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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