Westpac Banking Corp Buys New Stake in Phillips 66 $PSX

Westpac Banking Corp purchased a new position in shares of Phillips 66 (NYSE:PSX) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,860 shares of the oil and gas company’s stock, valued at approximately $369,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC boosted its stake in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after purchasing an additional 7,214 shares in the last quarter. Woodline Partners LP boosted its position in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after buying an additional 10,089 shares in the last quarter. Sei Investments Co. boosted its position in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after buying an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Phillips 66 by 9.1% during the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after buying an additional 28,988 shares during the last quarter. Finally, Glenview Trust co grew its stake in Phillips 66 by 2.6% during the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. 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 research note on Tuesday, March 31st. Citigroup raised their price target on Phillips 66 from $159.00 to $183.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. TD Cowen boosted their price objective on Phillips 66 from $155.00 to $213.00 and gave the stock a “buy” rating in a research note on Wednesday, April 1st. Wolfe Research increased their target price on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Finally, Scotiabank raised their target price on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $191.28.

Insider Buying and Selling

In other news, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $173.12 per share, with a total value of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the business’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the transaction, the director directly owned 8,701 shares of the company’s stock, valued at approximately $1,517,193.37. The trade was a 30.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 92,229 shares of company stock worth $15,990,030. Company insiders own 0.40% of the company’s stock.

Phillips 66 Stock Down 0.3%

NYSE PSX opened at $184.14 on Friday. The stock has a market capitalization of $73.83 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. Phillips 66 has a 52 week low of $111.37 and a 52 week high of $190.61. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The stock has a fifty day moving average of $172.71 and a 200-day moving average of $155.98.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.90) earnings per share. On average, equities research analysts forecast that Phillips 66 will post 17.64 EPS for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were given a dividend of $1.27 per share. The ex-dividend date was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. Phillips 66’s payout ratio is presently 50.05%.

About Phillips 66

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.