Truist Financial Corp Raises Stock Position in Phillips 66 $PSX

Truist Financial Corp boosted its position in shares of Phillips 66 (NYSE:PSX) by 1.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 675,084 shares of the oil and gas company’s stock after buying an additional 10,585 shares during the quarter. Truist Financial Corp’s holdings in Phillips 66 were worth $87,113,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Board of the Pension Protection Fund acquired a new stake in Phillips 66 during the fourth quarter valued at $26,000. Accordant Advisory Group Inc grew its position in Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 180 shares during the period. Eagle Bay Advisors LLC acquired a new stake in Phillips 66 during the fourth quarter valued at $27,000. Stephens Consulting LLC grew its position in Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after buying an additional 90 shares during the period. Finally, Dorato Capital Management acquired a new stake in Phillips 66 during the fourth quarter valued at $35,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Mizuho raised their price target on shares of Phillips 66 from $152.00 to $170.00 and gave the company a “neutral” rating in a research report on Tuesday, March 17th. Wolfe Research lifted their target price on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Barclays lifted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 8th. Citigroup lifted their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the company a “neutral” rating in a research report on Thursday, April 9th. Finally, Weiss Ratings lowered shares of Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $184.50.

Insider Activity at Phillips 66

In other news, CFO Kevin J. Mitchell sold 16,856 shares of the business’s stock in a transaction that occurred on Thursday, March 5th. The shares were sold at an average price of $168.22, for a total value of $2,835,516.32. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,380,590.72. The trade was a 14.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 sale, the executive vice president directly owned 25,799 shares in the company, valued at $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 95,923 shares of company stock valued at $16,399,619 over the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $178.41 on Tuesday. 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 firm’s 50-day moving average is $167.69 and its two-hundred day moving average is $149.26. Phillips 66 has a 12 month low of $104.83 and a 12 month high of $190.61. The company has a market capitalization of $71.53 billion, a PE ratio of 17.58, a price-to-earnings-growth ratio of 0.27 and a beta of 0.70.

Phillips 66 (NYSE:PSX) last issued its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the firm earned ($0.90) earnings per share. Phillips 66’s quarterly revenue was up 6.9% compared to the same quarter last year. Analysts predict that Phillips 66 will post 16.76 earnings per share for the current year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.8%. Phillips 66’s payout ratio is 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.