Phillips 66 $PSX Shares Purchased by M&T Bank Corp

M&T Bank Corp raised its position in shares of Phillips 66 (NYSE:PSX) by 462.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,727,888 shares of the oil and gas company’s stock after purchasing an additional 2,243,268 shares during the quarter. Phillips 66 comprises about 1.0% of M&T Bank Corp’s investment portfolio, making the stock its 14th largest position. M&T Bank Corp’s holdings in Phillips 66 were worth $352,007,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Phillips 66 by 11.6% during the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock valued at $7,035,574,000 after buying an additional 5,356,558 shares in the last quarter. Amundi raised its stake in Phillips 66 by 2.8% during the third quarter. Amundi now owns 2,400,180 shares of the oil and gas company’s stock valued at $319,123,000 after buying an additional 65,568 shares in the last quarter. Legal & General Group Plc raised its stake in Phillips 66 by 1.5% during the third quarter. Legal & General Group Plc now owns 2,276,036 shares of the oil and gas company’s stock valued at $309,586,000 after buying an additional 33,397 shares in the last quarter. AQR Capital Management LLC raised its stake in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock valued at $257,512,000 after buying an additional 1,532,389 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in Phillips 66 by 1.9% during the third quarter. Raymond James Financial Inc. now owns 1,534,830 shares of the oil and gas company’s stock valued at $208,768,000 after buying an additional 28,917 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Insider Buying and Selling

In other news, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction on Wednesday, February 4th. The stock was sold at an average price of $150.00, for a total transaction of $659,100.00. Following the transaction, the executive vice president directly owned 25,799 shares of the company’s stock, valued at approximately $3,869,850. This trade represents a 14.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the transaction, the director directly owned 8,701 shares in the company, valued at $1,517,193.37. This trade represents a 30.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 95,923 shares of company stock valued at $16,399,619. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Piper Sandler increased their target price on shares of Phillips 66 from $168.00 to $177.00 and gave the stock a “neutral” rating in a report on Wednesday, April 8th. Wall Street Zen cut shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 11th. Mizuho increased their target price on shares of Phillips 66 from $152.00 to $170.00 and gave the stock a “neutral” rating in a report on Tuesday, March 17th. Morgan Stanley increased their target price on shares of Phillips 66 from $140.00 to $147.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. Finally, Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Eleven investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Hold” and a consensus price target of $180.72.

Phillips 66 Stock Up 2.4%

Shares of Phillips 66 stock opened at $159.48 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.91 and a debt-to-equity ratio of 0.62. The business’s 50 day simple moving average is $166.55 and its 200-day simple moving average is $147.51. The stock has a market capitalization of $63.91 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 0.27 and a beta of 0.76. Phillips 66 has a twelve month low of $98.45 and a twelve month high of $190.61.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.15 by $0.32. Phillips 66 had a net margin of 3.22% and a return on equity of 9.13%. The business had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same quarter last year, the company earned ($0.15) EPS. Equities research analysts forecast that Phillips 66 will post 13.37 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 3.2%. Phillips 66’s dividend payout ratio is presently 46.95%.

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.