Zions Bancorporation National Association UT Makes New Investment in Phillips 66 (NYSE:PSX)

Key Points

• Zions Bancorporation National Association UT has acquired a new position in Phillips 66, purchasing 4,120 shares valued at approximately $509,000 during the first quarter.
• Analysts currently have a consensus rating of "Moderate Buy" for Phillips 66, with a price target of $136.20 based on ten hold ratings and nine buy recommendations.
• The company reported an earnings per share (EPS) of $2.38 for the last quarter, exceeding the consensus estimate by $0.59, with quarterly revenue at $33.77 billion.

Zions Bancorporation National Association UT purchased a new stake in Phillips 66 (NYSE:PSX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,120 shares of the oil and gas company's stock, valued at approximately $509,000.

Other large investors have also recently bought and sold shares of the company. von Borstel & Associates Inc. acquired a new position in shares of Phillips 66 during the 1st quarter worth $27,000. Olde Wealth Management LLC purchased a new position in Phillips 66 during the 1st quarter valued at about $28,000. Opal Wealth Advisors LLC acquired a new position in Phillips 66 during the first quarter worth about $29,000. Pacific Center for Financial Services purchased a new stake in shares of Phillips 66 in the fourth quarter valued at about $27,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Phillips 66 in the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PSX. Wells Fargo & Company reduced their target price on Phillips 66 from $149.00 to $147.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 11th. Morgan Stanley upped their price objective on Phillips 66 from $122.00 to $128.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 16th. UBS Group increased their price objective on Phillips 66 from $141.00 to $143.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Evercore ISI began coverage on Phillips 66 in a research report on Wednesday, June 18th. They set an "outperform" rating and a $130.00 price objective for the company. Finally, JPMorgan Chase & Co. set a $115.00 target price on shares of Phillips 66 in a report on Wednesday, June 18th. Ten analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $136.20.

Insider Activity

In other news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction dated 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 sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert W. Pease bought 439 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $113.85 per share, for a total transaction of $49,980.15. Following the completion of the acquisition, the director owned 4,091 shares in the company, valued at approximately $465,760.35. This trade represents a 12.02% increase in their position. The disclosure for this purchase can be found here. Insiders bought 1,939 shares of company stock worth $237,725 in the last quarter. Insiders own 0.22% of the company's stock.

Phillips 66 Trading Up 2.0%

NYSE:PSX traded up $2.46 on Wednesday, hitting $122.50. 2,359,149 shares of the stock were exchanged, compared to its average volume of 2,514,303. The stock has a fifty day moving average of $123.25 and a 200-day moving average of $118.87. The stock has a market cap of $49.50 billion, a PE ratio of 29.45, a PEG ratio of 1.65 and a beta of 1.09. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $140.85.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion during the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter in the prior year, the company earned $2.31 EPS. As a group, equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors 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 yield of 3.9%. The ex-dividend date of this dividend is Tuesday, August 19th. Phillips 66's dividend payout ratio is 115.38%.

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.