Phillips 66 (NYSE:PSX) CFO Kevin Mitchell Sells 29,400 Shares

Key Points

• Phillips 66 CFO Kevin Mitchell sold 29,400 shares on May 8 at an average price of $170 each, for proceeds of nearly $5.0 million. After the sale, he still held 97,376 shares, representing a 23.19% reduction in his ownership stake.
• The company’s recent quarterly results beat earnings expectations, reporting $0.49 EPS versus the expected loss of $0.54, while revenue came in at $32.54 billion. Revenue was up 6.9% year over year, and analysts now expect full-year EPS of 17.39.
• Phillips 66 also announced a quarterly dividend of $1.27 per share, payable June 1 to shareholders of record on May 18. That works out to an annualized dividend of $5.08 per share, or a yield of about 2.9%.

Phillips 66 (NYSE:PSX - Get Free Report) CFO Kevin Mitchell sold 29,400 shares of the firm's stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Phillips 66 Stock Performance

PSX stock traded up $0.25 during trading on Tuesday, reaching $175.61. 3,255,431 shares of the company's stock were exchanged, compared to its average volume of 2,994,702. Phillips 66 has a 1-year low of $109.75 and a 1-year high of $190.61. The firm has a market cap of $70.41 billion, a PE ratio of 17.30, a P/E/G ratio of 0.26 and a beta of 0.70. The company's fifty day moving average price is $169.65 and its 200-day moving average price is $150.82. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.90) earnings per share. On average, research analysts expect that Phillips 66 will post 17.39 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is currently 50.05%.

Institutional Trading of Phillips 66

Hedge funds have recently bought and sold shares of the company. Oppenheimer & Co. Inc. grew 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. First National Bank of Omaha acquired a new stake in Phillips 66 during the third quarter valued at $2,357,000. TD Asset Management Inc boosted its position in Phillips 66 by 15.5% during the third quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock valued at $23,724,000 after purchasing an additional 23,364 shares during the last quarter. Caprock Group LLC purchased a new position in Phillips 66 in the third quarter valued at about $2,412,000. Finally, National Pension Service raised its stake in shares of Phillips 66 by 3.5% during the 3rd quarter. National Pension Service now owns 602,099 shares of the oil and gas company's stock worth $81,898,000 after purchasing an additional 20,213 shares in the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Phillips 66 from $175.00 to $195.00 and gave the company an "outperform" rating in a research report on Tuesday, April 7th. Raymond James Financial lifted their target price on Phillips 66 from $205.00 to $215.00 in a report on Thursday, April 30th. Mizuho raised their price objective on shares of Phillips 66 from $152.00 to $170.00 and gave the company a "neutral" rating in a research report on Tuesday, March 17th. JPMorgan Chase & Co. lifted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Tudor Pickering upgraded shares of Phillips 66 from a "hold" rating to a "strong-buy" rating in a report on Thursday, April 30th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of "Moderate Buy" and an average target price of $184.50.

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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