Bank of New York Mellon Corp Decreases Stock Holdings in Phillips 66 $PSX

Bank of New York Mellon Corp reduced its position in shares of Phillips 66 (NYSE:PSX) by 3.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 6,879,213 shares of the oil and gas company’s stock after selling 224,344 shares during the quarter. Bank of New York Mellon Corp’s holdings in Phillips 66 were worth $1,253,255,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Clifford Group LLC lifted its position in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after purchasing an additional 64 shares during the last quarter. CYBER HORNET ETFs LLC increased its holdings in shares of Phillips 66 by 5.7% in the 4th quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock worth $158,000 after buying an additional 66 shares during the last quarter. GHP Investment Advisors Inc. raised its position in shares of Phillips 66 by 2.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock valued at $414,000 after buying an additional 72 shares in the last quarter. Johnson Financial Group Inc. raised its position in shares of Phillips 66 by 11.9% during the 4th quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock valued at $88,000 after buying an additional 72 shares in the last quarter. Finally, L2 Asset Management LLC lifted its holdings in shares of Phillips 66 by 4.0% in the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock valued at $257,000 after acquiring an additional 72 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX stock opened at $195.94 on Thursday. The stock has a 50 day moving average price of $177.66 and a 200 day moving average price of $164.68. Phillips 66 has a 52-week low of $118.07 and a 52-week high of $201.65. 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 firm has a market capitalization of $78.56 billion, a P/E ratio of 19.30, a P/E/G ratio of 0.26 and a beta of 0.69.

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 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 business had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. During the same quarter last year, the firm posted ($0.90) earnings per share. The business’s revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued 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 yield of 2.6%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Insider Activity

In related news, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction on Wednesday, May 6th. The stock was bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the transaction, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This represents a 1.05% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This trade represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 41,021 shares of company stock valued at $7,195,257. 0.40% of the stock is owned by corporate insiders.

Trending Headlines about Phillips 66

Here are the key news stories impacting Phillips 66 this week:

• Positive Sentiment: Phillips 66 continues to attract constructive analyst coverage, with recent price targets ranging from the high $180s to above $200, suggesting Wall Street still sees meaningful upside from current levels. Article Title
• Positive Sentiment: The company’s refining operations are still being viewed as a long-term strength, helped by low-cost crude access and an efficient network that could benefit if fuel demand and crack spreads improve. Article Title
• Positive Sentiment: Phillips 66 also has a recent quarterly dividend of $1.27 per share, underscoring continued cash-return strength for income-focused investors.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Guggenheim upgraded Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Tudor Pickering raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. UBS Group reiterated a “buy” rating and issued a $212.00 target price on shares of Phillips 66 in a report on Monday, June 15th. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Finally, Scotiabank raised their price target on Phillips 66 from $140.00 to $151.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $196.06.

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.