US Bancorp DE Sells 3,301 Shares of Phillips 66 (NYSE:PSX)

Key Points

• US Bancorp DE reduced its stake in Phillips 66 by 1.3%, selling 3,301 shares and holding a total of 247,674 shares, valued at approximately $30.58 million.
• Phillips 66 recently reported earnings of $2.38 per share, surpassing analysts' predictions, and declared a quarterly dividend of $1.20, indicative of a 4.0% yield.
• Institutional investors hold 76.93% of Phillips 66's shares, reflecting strong interest in the company's stock among major financial entities.

US Bancorp DE trimmed its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 1.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 247,674 shares of the oil and gas company's stock after selling 3,301 shares during the quarter. US Bancorp DE owned about 0.06% of Phillips 66 worth $30,583,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Cohen & Steers Inc. increased its position in shares of Phillips 66 by 40.3% in the fourth quarter. Cohen & Steers Inc. now owns 91,663 shares of the oil and gas company's stock worth $10,443,000 after acquiring an additional 26,318 shares in the last quarter. Cary Street Partners Financial LLC purchased a new position in Phillips 66 during the fourth quarter valued at approximately $4,333,000. Resona Asset Management Co. Ltd. purchased a new position in Phillips 66 during the fourth quarter valued at approximately $15,203,000. Massachusetts Financial Services Co. MA grew its position in Phillips 66 by 4.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,107,397 shares of the oil and gas company's stock valued at $126,166,000 after purchasing an additional 43,238 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in Phillips 66 by 20.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 158,934 shares of the oil and gas company's stock valued at $19,625,000 after purchasing an additional 26,825 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Robert W. Pease acquired 439 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average cost of $113.85 per share, with a total value of $49,980.15. Following the acquisition, the director owned 4,091 shares in the company, valued at approximately $465,760.35. This represents a 12.02% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of Phillips 66 stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at $7,104,750. This trade represents a 14.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,939 shares of company stock worth $237,725. Company insiders own 0.22% of the company's stock.

Phillips 66 Stock Up 1.6%

NYSE PSX traded up $1.86 on Monday, reaching $121.46. The company had a trading volume of 2,102,205 shares, compared to its average volume of 2,762,663. The stock has a market capitalization of $49.08 billion, a P/E ratio of 29.20, a P/E/G ratio of 1.63 and a beta of 1.09. The company's fifty day moving average is $122.58 and its 200 day moving average is $118.89. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $140.85. 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 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (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 firm had revenue of $33.77 billion during the quarter, compared to analyst estimates of $32.11 billion. During the same period last year, the firm posted $2.31 EPS. Sell-side analysts anticipate that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date is Tuesday, August 19th. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Analyst Ratings Changes

Several research firms have commented on PSX. Evercore ISI began coverage on shares of Phillips 66 in a research report on Wednesday, June 18th. They issued an "outperform" rating and a $130.00 target price for the company. Barclays boosted their target price on shares of Phillips 66 from $115.00 to $127.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 9th. Morgan Stanley boosted their target price on shares of Phillips 66 from $122.00 to $128.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 16th. Mizuho boosted their target price on shares of Phillips 66 from $132.00 to $138.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 13th. Finally, Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an "overweight" rating for the company in a research note on Wednesday, June 11th. Ten research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $136.20.

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.