PNC Financial Services Group Inc. Purchases 2,414 Shares of Phillips 66 $PSX

PNC Financial Services Group Inc. increased its position in Phillips 66 (NYSE:PSX) by 0.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 754,343 shares of the oil and gas company’s stock after purchasing an additional 2,414 shares during the period. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $137,426,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS purchased a new position in Phillips 66 during the first quarter valued at $526,000. Cutler Investment Counsel LLC purchased a new stake in shares of Phillips 66 in the 1st quarter worth about $7,157,000. Convergence Investment Partners LLC grew its position in shares of Phillips 66 by 50.0% in the 1st quarter. Convergence Investment Partners LLC now owns 34,038 shares of the oil and gas company’s stock worth $6,201,000 after buying an additional 11,343 shares during the period. Amova Asset Management Americas Inc. increased its stake in shares of Phillips 66 by 20.8% in the 1st quarter. Amova Asset Management Americas Inc. now owns 8,018 shares of the oil and gas company’s stock worth $1,461,000 after acquiring an additional 1,379 shares in the last quarter. Finally, Alta Advisers Ltd bought a new position in shares of Phillips 66 during the first quarter valued at approximately $281,000. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PSX. BMO Capital Markets raised their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Jefferies Financial Group upped their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Barclays increased their price objective on shares of Phillips 66 from $177.00 to $183.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Wells Fargo & Company raised their price objective 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. Finally, Argus lifted their target price on shares of Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $198.72.

Phillips 66 Stock Down 0.4%

PSX stock opened at $211.49 on Thursday. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $216.08. The business has a fifty day moving average price of $181.23 and a 200-day moving average price of $167.47. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The stock has a market capitalization of $84.79 billion, a P/E ratio of 20.84, a P/E/G ratio of 0.28 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the prior year, the company posted ($0.90) earnings per share. The company’s quarterly revenue was up 6.9% on a year-over-year basis. Equities analysts forecast that Phillips 66 will post 19.84 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. Phillips 66’s payout ratio is 50.05%.

Insider Activity

In related news, Director Kevin Omar Meyers purchased 175 shares of the company’s stock in a transaction dated Wednesday, May 6th. The shares were purchased 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 in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,553,920. This represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 41,021 shares of company stock worth $7,195,257 in the last 90 days. Company insiders own 0.40% of the company’s stock.

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.