PNC Financial Services Group Inc. Increases Stock Holdings in Phillips 66 $PSX

PNC Financial Services Group Inc. raised its position in Phillips 66 (NYSE:PSX) by 0.2% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 815,500 shares of the oil and gas company’s stock after buying an additional 2,026 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $97,289,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. Elliott Investment Management L.P. lifted its position in shares of Phillips 66 by 1,929.0% during the 1st quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after acquiring an additional 14,950,000 shares during the period. Chronos Wealth Management LLC acquired a new position in shares of Phillips 66 during the 2nd quarter worth $281,000. Sustainable Insight Capital Management LLC acquired a new position in shares of Phillips 66 during the 1st quarter worth $1,457,000. Evergreen Wealth Solutions LLC purchased a new stake in shares of Phillips 66 in the 1st quarter worth about $292,000. Finally, Jump Financial LLC increased its holdings in Phillips 66 by 307.1% during the 1st quarter. Jump Financial LLC now owns 11,276 shares of the oil and gas company’s stock valued at $1,392,000 after acquiring an additional 8,506 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Price Performance

PSX opened at $137.93 on Thursday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. The company’s 50 day simple moving average is $133.59 and its 200 day simple moving average is $125.55. The stock has a market capitalization of $55.57 billion, a PE ratio of 37.68, a P/E/G ratio of 1.81 and a beta of 1.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.38. The company had revenue of $33.69 billion for the quarter, compared to analyst estimates of $32.29 billion. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. During the same quarter last year, the business earned $2.04 EPS. As a group, sell-side analysts expect that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be given a dividend of $1.20 per share. This represents a $4.80 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s payout ratio is 131.15%.

Analysts Set New Price Targets

Several analysts have issued reports on PSX shares. Evercore ISI upped their price target on shares of Phillips 66 from $130.00 to $170.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Bank of America downgraded Phillips 66 from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $144.00 to $147.00 in a research report on Wednesday, September 3rd. Wall Street Zen upgraded Phillips 66 from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. Wells Fargo & Company upped their price objective on Phillips 66 from $154.00 to $162.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, Piper Sandler boosted their price objective on shares of Phillips 66 from $155.00 to $159.00 and gave the company a “neutral” rating in a research report on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and an average price target of $143.56.

Insider Activity

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $138.00, for a total value of $4,140,000.00. Following the transaction, the chief financial officer owned 89,771 shares in the company, valued at approximately $12,388,398. This trade represents a 25.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction on Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. The trade was a 11.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 38,786 shares of company stock valued at $5,348,075 over the last 90 days. 0.22% of the stock is currently owned by insiders.

Phillips 66 Profile

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.