Truist Financial Corp Boosts Holdings in Phillips 66 $PSX

Key Points

• Truist Financial Corp increased its stake in Phillips 66 by 1.6% in Q4, buying 10,585 shares to hold 675,084 shares valued at about $87.11 million (≈0.17% of the company).
• Phillips 66 beat earnings expectations with Q results of $0.49 EPS versus a -$0.54 consensus while revenue of $32.54 billion rose 6.9% YoY but missed estimates, and the company announced a quarterly dividend of $1.27 (annualized $5.08, ~2.8% yield; ex-dividend May 18).
• Insiders sold roughly 95,923 shares worth about $16.4 million over the last quarter (insiders own 0.40%), institutional investors own ~76.9% of the stock, and analysts have an average rating of "Moderate Buy" with a $184.50 price target.

Truist Financial Corp boosted its position in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 675,084 shares of the oil and gas company's stock after acquiring an additional 10,585 shares during the period. Truist Financial Corp owned 0.17% of Phillips 66 worth $87,113,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PSX. Brighton Jones LLC lifted its position in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company's stock valued at $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its position in 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 acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. lifted its position in Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company's stock valued at $18,788,000 after acquiring an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company's stock valued at $41,359,000 after acquiring an additional 28,988 shares during the last quarter. Finally, Glenview Trust co lifted its position in Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock valued at $1,068,000 after acquiring an additional 229 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Up 1.3%

Shares of Phillips 66 stock opened at $178.41 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The firm's 50 day simple moving average is $167.69 and its two-hundred day simple moving average is $149.26. Phillips 66 has a 12-month low of $104.83 and a 12-month high of $190.61. The firm has a market capitalization of $71.53 billion, a price-to-earnings ratio of 17.58, a PEG ratio of 0.27 and a beta of 0.70.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (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 firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. During the same quarter last year, the company posted ($0.90) earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. Analysts predict that Phillips 66 will post 16.76 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.

Insider Activity

In related news, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm's stock in a transaction on Wednesday, February 4th. The shares were 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 of the company's stock, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 16,856 shares of the firm's stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $168.22, for a total transaction of $2,835,516.32. Following the transaction, the chief financial officer directly owned 97,376 shares of the company's stock, valued at approximately $16,380,590.72. This trade represents a 14.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 95,923 shares of company stock valued at $16,399,619 over the last quarter. Insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PSX. Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. The Goldman Sachs Group upped their price target on shares of Phillips 66 from $186.00 to $192.00 and gave the company a "neutral" rating in a research note on Friday, April 10th. Jefferies Financial Group lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Morgan Stanley restated an "overweight" rating and set a $180.00 price target on shares of Phillips 66 in a research note on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Phillips 66 presently has an average rating of "Moderate Buy" and an average price target of $184.50.

About Phillips 66

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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