Citizens Financial Group Inc. RI Has $2.12 Million Holdings in Phillips 66 $PSX

Citizens Financial Group Inc. RI grew its stake in Phillips 66 (NYSE:PSX) by 41.5% in the first quarter, HoldingsChannel reports. The fund owned 11,659 shares of the oil and gas company’s stock after acquiring an additional 3,421 shares during the period. Citizens Financial Group Inc. RI’s holdings in Phillips 66 were worth $2,124,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Phillips 66 in the fourth quarter valued at approximately $640,206,000. M&T Bank Corp raised its position in Phillips 66 by 462.9% in the 4th quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Phillips 66 by 424.7% during the 3rd quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after buying an additional 1,532,389 shares in the last quarter. Worldquant Millennium Advisors LLC acquired a new position in Phillips 66 during the 2nd quarter worth $107,967,000. Finally, NewEdge Advisors LLC increased its stake in shares of Phillips 66 by 732.0% in the 4th quarter. NewEdge Advisors LLC now owns 996,955 shares of the oil and gas company’s stock valued at $128,647,000 after buying an additional 877,131 shares during the period. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Shares of PSX opened at $198.00 on Tuesday. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 1 year low of $118.07 and a 1 year high of $198.58. The stock has a market cap of $79.38 billion, a P/E ratio of 19.51, a price-to-earnings-growth ratio of 0.25 and a beta of 0.69. The stock’s 50-day moving average price is $176.76 and its two-hundred day moving average price is $163.69.

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

Phillips 66 Dividend Announcement

The company 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 payout ratio is currently 50.05%.

Wall Street Analyst Weigh In

PSX has been the subject of a number of recent research reports. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. Barclays raised 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. JPMorgan Chase & Co. lifted their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. UBS Group reissued a “buy” rating and set a $212.00 price objective on shares of Phillips 66 in a report on Monday, June 15th. Finally, Piper Sandler upped their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $194.89.

Insider Activity at Phillips 66

In other news, Director Kevin Omar Meyers purchased 175 shares of Phillips 66 stock in a transaction dated Wednesday, May 6th. The shares were bought at an average cost of $173.12 per share, with a total value of $30,296.00. Following the completion of the transaction, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 41,021 shares of company stock valued at $7,195,257 in the last ninety days. Insiders own 0.40% of the company’s stock.

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.