Swiss National Bank Sells 58,900 Shares of Phillips 66 $PSX

Key Points

• Swiss National Bank trimmed its stake in Phillips 66 by 4.8%, selling 58,900 shares and leaving 1,174,450 shares (about 0.29% ownership) valued at roughly $159.75 million.
• Phillips 66 raised its quarterly dividend to $1.27 (annualized $5.08), implying a 3.1% yield and a payout ratio near 47%.
• For the latest quarter the company reported $2.47 EPS, beating estimates by $0.32, while revenue of $32.16 billion missed the $33.81 billion consensus.

Swiss National Bank cut its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 4.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,174,450 shares of the oil and gas company's stock after selling 58,900 shares during the quarter. Swiss National Bank owned about 0.29% of Phillips 66 worth $159,749,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PSX. Brighton Jones LLC increased its stake in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock valued at $4,308,000 after buying an additional 10,089 shares during the last quarter. Savant Capital LLC increased its position in shares of Phillips 66 by 69.7% during the second quarter. Savant Capital LLC now owns 34,696 shares of the oil and gas company's stock valued at $4,139,000 after acquiring an additional 14,251 shares in the last quarter. AE Wealth Management LLC raised its holdings in Phillips 66 by 25.0% in the 2nd quarter. AE Wealth Management LLC now owns 10,633 shares of the oil and gas company's stock worth $1,268,000 after acquiring an additional 2,130 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in Phillips 66 by 4,710.2% in the 2nd quarter. Los Angeles Capital Management LLC now owns 98,609 shares of the oil and gas company's stock valued at $11,764,000 after acquiring an additional 96,559 shares in the last quarter. Institutional investors own 76.93% of the company's stock.

Phillips 66 Stock Performance

Shares of PSX opened at $162.71 on Tuesday. The firm has a market capitalization of $65.20 billion, a P/E ratio of 15.04, a PEG ratio of 0.58 and a beta of 0.86. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. Phillips 66 has a one year low of $91.01 and a one year high of $169.62. The business has a fifty day moving average of $148.22 and a 200 day moving average of $139.07.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. The company had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.During the same quarter in the prior year, the company earned ($0.15) earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 4th. Stockholders of record on Monday, February 23rd were paid a $1.27 dividend. This is a boost from Phillips 66's previous quarterly dividend of $1.20. The ex-dividend date was Monday, February 23rd. This represents a $5.08 annualized dividend and a dividend yield of 3.1%. Phillips 66's dividend payout ratio (DPR) is currently 46.95%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PSX shares. Piper Sandler boosted their price target on Phillips 66 from $153.00 to $156.00 and gave the stock a "neutral" rating in a research note on Thursday, February 5th. BMO Capital Markets reissued an "outperform" rating and issued a $170.00 target price on shares of Phillips 66 in a research report on Friday, February 6th. Scotiabank restated a "sector perform" rating and set a $140.00 target price on shares of Phillips 66 in a research note on Friday, January 16th. Morgan Stanley raised their price target on shares of Phillips 66 from $140.00 to $147.00 and gave the company an "equal weight" rating in a report on Thursday, February 5th. Finally, Wolfe Research lifted their price target on shares of Phillips 66 from $159.00 to $164.00 and gave the stock an "outperform" rating in a research note on Monday, January 26th. Eleven research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of "Hold" and a consensus target price of $160.11.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 16,856 shares of the company's stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,380,590.72. This represents a 14.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 38,088 shares of company stock worth $6,147,655 in the last quarter. Company insiders own 0.22% of the company's stock.

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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