Phillips 66 (NYSE:PSX) Shares Sold by Atlantic Union Bankshares Corp

Atlantic Union Bankshares Corp reduced its position in shares of Phillips 66 (NYSE:PSX) by 3.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,402 shares of the oil and gas company’s stock after selling 1,710 shares during the period. Atlantic Union Bankshares Corp’s holdings in Phillips 66 were worth $7,416,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP lifted its position in shares of Phillips 66 by 20.3% during the fourth quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after purchasing an additional 1,842,226 shares in the last quarter. Morgan Stanley lifted its position in shares of Phillips 66 by 2.1% during the third quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after purchasing an additional 138,646 shares in the last quarter. Norges Bank acquired a new position in shares of Phillips 66 during the fourth quarter worth $559,435,000. Boston Partners lifted its position in shares of Phillips 66 by 962.0% during the fourth quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after purchasing an additional 3,494,878 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Phillips 66 by 9.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,702,734 shares of the oil and gas company’s stock valued at $492,974,000 after acquiring an additional 315,889 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the completion of the sale, the executive vice president now owns 48,365 shares in the company, valued at approximately $7,051,617. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

PSX has been the topic of several recent analyst reports. Barclays cut their price target on shares of Phillips 66 from $155.00 to $147.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 30th. Bank of America upped their price target on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Scotiabank upped their price target on shares of Phillips 66 from $148.00 to $156.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. TD Cowen cut their price target on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, June 21st. Finally, The Goldman Sachs Group upped their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $157.79.

Phillips 66 Stock Performance

Shares of Phillips 66 stock traded up $1.77 during trading on Friday, hitting $141.17. 10,149,704 shares of the stock were exchanged, compared to its average volume of 2,794,807. The stock’s fifty day moving average is $142.91 and its 200 day moving average is $144.57. The stock has a market cap of $59.85 billion, a PE ratio of 10.86, a P/E/G ratio of 2.08 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.82 and a current ratio of 1.17. Phillips 66 has a 12 month low of $93.40 and a 12 month high of $174.08.

Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 26th. The oil and gas company reported $1.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.15). The company had revenue of $36.44 billion during the quarter, compared to the consensus estimate of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter in the prior year, the company earned $4.21 EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 11.22 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Monday, May 20th were given a $1.15 dividend. This is a positive change from Phillips 66’s previous quarterly dividend of $1.05. The ex-dividend date was Friday, May 17th. This represents a $4.60 annualized dividend and a yield of 3.26%. Phillips 66’s payout ratio is 35.38%.

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.