PNC Financial Services Group Inc. Grows Stock Holdings in Phillips 66 $PSX

PNC Financial Services Group Inc. lifted its stake in shares of Phillips 66 (NYSE:PSX) by 18.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 963,629 shares of the oil and gas company’s stock after purchasing an additional 148,129 shares during the period. PNC Financial Services Group Inc. owned 0.24% of Phillips 66 worth $131,073,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Phillips 66 by 14.8% in the 2nd quarter. Vanguard Group Inc. now owns 46,368,000 shares of the oil and gas company’s stock valued at $5,531,702,000 after buying an additional 5,978,841 shares in the last quarter. Elliott Investment Management L.P. boosted its position in shares of Phillips 66 by 22.4% during the 2nd quarter. Elliott Investment Management L.P. now owns 19,251,000 shares of the oil and gas company’s stock valued at $2,296,644,000 after acquiring an additional 3,526,000 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Phillips 66 by 17.4% during the 2nd quarter. Geode Capital Management LLC now owns 10,327,304 shares of the oil and gas company’s stock valued at $1,226,815,000 after acquiring an additional 1,532,967 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Phillips 66 by 6.1% in the second quarter. Bank of New York Mellon Corp now owns 9,394,750 shares of the oil and gas company’s stock valued at $1,120,794,000 after purchasing an additional 537,245 shares during the period. Finally, Norges Bank acquired a new stake in Phillips 66 during the second quarter worth about $523,755,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the business’s stock in a transaction that occurred on Wednesday, February 4th. The shares were sold at an average price of $150.00, for a total transaction of $659,100.00. Following the completion of the transaction, the executive vice president owned 25,799 shares in the company, valued at $3,869,850. The trade was a 14.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Brian Mandell sold 25,500 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $140.04, for a total transaction of $3,571,020.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,959,593.52. This represents a 30.97% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 60,488 shares of company stock worth $8,474,466 in the last ninety days. 0.22% of the stock is owned by corporate insiders.

Phillips 66 Stock Up 2.2%

Shares of PSX opened at $159.75 on Monday. The company’s 50-day simple moving average is $140.39 and its 200-day simple moving average is $134.92. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $163.79. The stock has a market capitalization of $64.37 billion, a PE ratio of 14.76, a P/E/G ratio of 0.56 and a beta of 0.90.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.28%. The firm had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $33.81 billion. During the same period in the prior year, the firm earned ($0.15) EPS. Analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 4th. Shareholders of record on Monday, February 23rd will be issued a dividend of $1.27 per share. This is a positive change from Phillips 66’s previous quarterly dividend of $1.20. The ex-dividend date is Monday, February 23rd. This represents a $5.08 annualized dividend and a yield of 3.2%. Phillips 66’s dividend payout ratio (DPR) is currently 44.36%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Barclays boosted their target price on shares of Phillips 66 from $141.00 to $142.00 and gave the company an “equal weight” rating in a report on Monday, January 12th. Argus upped their price objective on Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Mizuho upped their price target on Phillips 66 from $150.00 to $152.00 and gave the company a “neutral” rating in a research note on Monday, January 12th. Wolfe Research increased their price target on Phillips 66 from $159.00 to $164.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Finally, Jefferies Financial Group boosted their price objective on shares of Phillips 66 from $137.00 to $149.00 and gave the company a “hold” rating in a report on Monday, January 26th. Ten equities research analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Hold” and a consensus target price of $158.72.

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.