Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Phillips 66 $PSX

Key Points

• Zurcher Kantonalbank raised its Phillips 66 stake by 63.5% in Q4 to 172,691 shares, purchasing an additional 67,062 shares and bringing its holding to about $22.28 million.
• Phillips 66 beat Q4 EPS estimates with $2.47 per share (beat by $0.32) and announced a quarterly dividend of $1.27 (annualized $5.08, ~3.2% yield) payable June 1.
• Insiders sold roughly 95,923 shares (~$16.4 million) in the last quarter, institutional investors own about 76.93% of the stock, and analysts’ consensus rating is a Hold with an average price target of $180.72.

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 63.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 172,691 shares of the oil and gas company's stock after buying an additional 67,062 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Phillips 66 were worth $22,284,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PSX. Oppenheimer & Co. Inc. lifted its holdings in shares of Phillips 66 by 57.4% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock valued at $7,734,000 after acquiring an additional 20,742 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in shares of Phillips 66 by 5.0% during the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 209,700 shares of the oil and gas company's stock valued at $28,523,000 after acquiring an additional 10,000 shares in the last quarter. First National Bank of Omaha acquired a new position in shares of Phillips 66 during the 3rd quarter valued at $2,357,000. TD Asset Management Inc lifted its holdings in shares of Phillips 66 by 15.5% during the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after acquiring an additional 23,364 shares in the last quarter. Finally, Caprock Group LLC acquired a new position in shares of Phillips 66 during the 3rd quarter valued at $2,412,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $159.48 on Wednesday. The firm has a market cap of $63.91 billion, a PE ratio of 14.74, a price-to-earnings-growth ratio of 0.27 and a beta of 0.76. The firm's 50-day simple moving average is $166.55 and its 200-day simple moving average is $147.51. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.91 and a current ratio of 1.30. Phillips 66 has a 1 year low of $98.45 and a 1 year high of $190.61.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.32. The business had revenue of $32.16 billion for the quarter, compared to analyst estimates of $33.81 billion. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. During the same quarter in the prior year, the business posted ($0.15) EPS. Equities analysts forecast that Phillips 66 will post 13.37 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio is 46.95%.

Insiders Place Their Bets

In other news, EVP Don Baldridge sold 7,500 shares of the company's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the sale, the executive vice president owned 38,488 shares in the company, valued at approximately $6,158,080. This represents a 16.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the company's stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the completion of the sale, the director owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 95,923 shares of company stock worth $16,399,619. Company insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Zacks Research lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Friday, January 16th. Raymond James Financial lifted their target price on shares of Phillips 66 from $175.00 to $205.00 and gave the company an "outperform" rating in a report on Wednesday, March 25th. The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Friday, April 10th. Wells Fargo & Company lifted their target price on shares of Phillips 66 from $163.00 to $201.00 and gave the company an "overweight" rating in a report on Tuesday, March 31st. Finally, Jefferies Financial Group lowered shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Eleven investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat.com, Phillips 66 currently has an average rating of "Hold" and an average price target of $180.72.

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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