OLD National Bancorp IN Boosts Stake in Phillips 66 (NYSE:PSX)

OLD National Bancorp IN lifted its position in shares of Phillips 66 (NYSE:PSX) by 28.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,824 shares of the oil and gas company’s stock after acquiring an additional 1,957 shares during the quarter. OLD National Bancorp IN’s holdings in Phillips 66 were worth $1,175,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of Phillips 66 by 134.8% during the 3rd quarter. Cornerstone Planning Group LLC now owns 263 shares of the oil and gas company’s stock worth $32,000 after acquiring an additional 151 shares in the last quarter. Bruce G. Allen Investments LLC purchased a new stake in shares of Phillips 66 during the 4th quarter worth about $36,000. Bell Investment Advisors Inc boosted its stake in shares of Phillips 66 by 82.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 306 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 138 shares in the last quarter. West Branch Capital LLC boosted its stake in shares of Phillips 66 by 49.5% during the 4th quarter. West Branch Capital LLC now owns 275 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 91 shares in the last quarter. Finally, Headinvest LLC purchased a new stake in shares of Phillips 66 during the 3rd quarter worth about $51,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Phillips 66

In other news, VP Joseph Scott Pruitt sold 7,200 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the sale, the vice president now owns 6,583 shares in the company, valued at approximately $1,035,242.58. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Robert W. Pease bought 682 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was purchased at an average price of $146.58 per share, for a total transaction of $99,967.56. Following the acquisition, the director now owns 1,900 shares of the company’s stock, valued at $278,502. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Joseph Scott Pruitt sold 7,200 shares of Phillips 66 stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the sale, the vice president now owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. Insiders sold 35,056 shares of company stock worth $5,272,681 in the last 90 days. Insiders own 0.22% of the company’s stock.

Phillips 66 Stock Up 1.2 %

PSX stock opened at $158.90 on Wednesday. The company has a market cap of $67.98 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.95 and a beta of 1.37. The company has a current ratio of 1.26, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. Phillips 66 has a 12 month low of $89.74 and a 12 month high of $174.08. The firm has a 50-day moving average of $154.93 and a two-hundred day moving average of $136.31.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, January 31st. The oil and gas company reported $3.09 EPS for the quarter, beating analysts’ consensus estimates of $2.37 by $0.72. The company had revenue of $38.74 billion during the quarter, compared to the consensus estimate of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. As a group, analysts forecast that Phillips 66 will post 13.45 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a dividend of $1.15 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 2.89%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05. Phillips 66’s dividend payout ratio (DPR) is currently 27.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PSX shares. Raymond James increased their target price on shares of Phillips 66 from $140.00 to $155.00 and gave the stock an “outperform” rating in a research note on Thursday, February 1st. Wells Fargo & Company raised their price target on shares of Phillips 66 from $179.00 to $191.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Citigroup began coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They issued a “buy” rating on the stock. Barclays raised their price target on shares of Phillips 66 from $139.00 to $155.00 and gave the company an “equal weight” rating in a research note on Thursday, April 18th. Finally, Piper Sandler raised their price target on shares of Phillips 66 from $169.00 to $187.00 and gave the company an “overweight” rating in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $158.00.

About Phillips 66

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.