Fifth Third Bancorp Purchases 108,248 Shares of Phillips 66 $PSX

Fifth Third Bancorp boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 543.7% in the first quarter, Holdings Channel.com reports. The fund owned 128,156 shares of the oil and gas company’s stock after acquiring an additional 108,248 shares during the quarter. Fifth Third Bancorp’s holdings in Phillips 66 were worth $23,348,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Phillips 66 by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares during the period. State Street Corp increased its stake in Phillips 66 by 0.8% in the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares during the period. Geode Capital Management LLC increased its stake in Phillips 66 by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock worth $1,338,596,000 after buying an additional 45,340 shares during the period. Norges Bank bought a new stake in Phillips 66 during the 4th quarter valued at about $640,206,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Phillips 66 by 2.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after buying an additional 89,621 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other news, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction on 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 completion of the acquisition, the director 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 acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This represents a 23.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 41,021 shares of company stock valued at $7,195,257 in the last quarter. Company insiders own 0.40% of the company’s stock.

Phillips 66 Trading Up 5.1%

Phillips 66 stock opened at $198.00 on Tuesday. 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 market cap of $79.38 billion, a PE ratio of 19.51, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69. The stock has a 50-day moving average of $176.76 and a two-hundred day moving average of $163.69. Phillips 66 has a one year low of $118.07 and a one year high of $198.58.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, topping the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.90) EPS. On average, research analysts anticipate that Phillips 66 will post 19.3 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.6%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays boosted their price target on Phillips 66 from $177.00 to $183.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. Mizuho raised Phillips 66 from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $170.00 to $212.00 in a research report on Wednesday, May 27th. The Goldman Sachs Group upped their target price on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Tuesday, May 19th. UBS Group reissued a “buy” rating and set a $212.00 price target on shares of Phillips 66 in a research report on Monday, June 15th. Finally, Piper Sandler raised their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research note on Wednesday, April 8th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine 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 an average price target of $194.89.

Phillips 66 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.