Truist Financial Corp Has $72.42 Million Holdings in Phillips 66 (NYSE:PSX)

Truist Financial Corp raised its position in Phillips 66 (NYSE:PSX - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 586,515 shares of the oil and gas company's stock after purchasing an additional 13,232 shares during the quarter. Truist Financial Corp owned about 0.14% of Phillips 66 worth $72,423,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in PSX. Price T Rowe Associates Inc. MD increased its stake in shares of Phillips 66 by 283.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after purchasing an additional 4,455,220 shares during the period. Norges Bank bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $497,648,000. Raymond James Financial Inc. bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $168,790,000. Capitolis Liquid Global Markets LLC bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $142,185,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Phillips 66 by 14,119.5% in the first quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock valued at $146,893,000 after acquiring an additional 1,181,240 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PSX shares. Evercore ISI started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 price objective for the company. Wells Fargo & Company decreased their price objective 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. Compass Point started coverage on shares of Phillips 66 in a report on Wednesday, June 18th. They issued a "buy" rating for the company. JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a report on Wednesday, June 18th. Finally, TD Cowen raised their target price on shares of Phillips 66 from $114.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, May 13th. Eight analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $133.93.

Phillips 66 Stock Up 0.3%

PSX stock traded up $0.34 during midday trading on Friday, reaching $126.80. The company had a trading volume of 1,290,860 shares, compared to its average volume of 3,110,757. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $150.12. The company has a current ratio of 1.23, a quick ratio of 0.88 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $51.66 billion, a P/E ratio of 28.88, a PEG ratio of 2.00 and a beta of 1.02. The company has a 50 day moving average of $116.94 and a two-hundred day moving average of $117.09.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 4.83% and a net margin of 1.32%. The company had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. During the same quarter in the previous year, the company earned $1.90 EPS. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Shareholders of record on Monday, May 19th were given a $1.20 dividend. This is an increase from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. This represents a $4.80 dividend on an annualized basis and a yield of 3.79%. Phillips 66's dividend payout ratio is presently 109.34%.

Insider Buying and Selling

In other news, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert W. Pease purchased 439 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the acquisition, the director directly owned 4,091 shares in the company, valued at $465,760.35. This represents a 12.02% increase in their position. The disclosure for this purchase can be found here. 0.22% of the stock is owned by corporate insiders.

Phillips 66 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.