Hsbc Holdings PLC Sells 168,649 Shares of Phillips 66 $PSX

Hsbc Holdings PLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 16.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 860,459 shares of the oil and gas company’s stock after selling 168,649 shares during the quarter. Hsbc Holdings PLC’s holdings in Phillips 66 were worth $110,832,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bayban bought a new stake in Phillips 66 during the 4th quarter valued at approximately $58,000. Rehmann Capital Advisory Group increased its holdings in Phillips 66 by 23.9% in the 4th quarter. Rehmann Capital Advisory Group now owns 2,534 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 488 shares during the period. SHP Wealth Management bought a new stake in Phillips 66 in the fourth quarter valued at about $88,000. Tulsa Wealth Advisors INC acquired a new position in shares of Phillips 66 in the 4th quarter worth approximately $2,494,000. Finally, Bank of Hawaii raised its stake in Phillips 66 by 5.7% during the fourth quarter. Bank of Hawaii now owns 5,574 shares of the oil and gas company’s stock worth $719,000 after acquiring an additional 299 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Stock Down 0.0%

PSX stock opened at $166.13 on Monday. The company has a market cap of $66.61 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 0.24 and a beta of 0.68. Phillips 66 has a twelve month low of $118.00 and a twelve month high of $190.61. The business has a 50 day moving average price of $171.94 and a two-hundred day moving average price of $159.07. 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) last posted its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analyst estimates 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 period in the prior year, the firm posted ($0.90) earnings per share. Analysts anticipate that Phillips 66 will post 18.22 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 3.1%. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Activity

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,705,826.56. This represents a 0.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have sold a total of 45,629 shares of company stock valued at $8,071,540 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PSX. Zacks Research upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Raymond James Financial raised their target price on shares of Phillips 66 from $215.00 to $218.00 and gave the company an “outperform” rating in a research note on Wednesday, June 10th. Guggenheim raised Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their target price for the company from $170.00 to $212.00 in a research note on Wednesday, May 27th. Finally, Wolfe Research raised their price target on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $192.33.

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.