PNC Financial Services Group Inc. Buys 2,414 Shares of Phillips 66 $PSX

PNC Financial Services Group Inc. increased its stake in Phillips 66 (NYSE:PSX) by 0.3% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 754,343 shares of the oil and gas company’s stock after acquiring an additional 2,414 shares during the period. PNC Financial Services Group Inc. owned about 0.19% of Phillips 66 worth $137,426,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Oslo Pensjonsforsikring AS bought a new position in shares of Phillips 66 during the 1st quarter valued at about $526,000. Cutler Investment Counsel LLC purchased a new position in shares of Phillips 66 during the 1st quarter valued at about $7,157,000. Convergence Investment Partners LLC lifted its position in Phillips 66 by 50.0% in the 1st quarter. Convergence Investment Partners LLC now owns 34,038 shares of the oil and gas company’s stock worth $6,201,000 after buying an additional 11,343 shares during the last quarter. Amova Asset Management Americas Inc. lifted its position in Phillips 66 by 20.8% in the 1st quarter. Amova Asset Management Americas Inc. now owns 8,018 shares of the oil and gas company’s stock worth $1,461,000 after buying an additional 1,379 shares during the last quarter. Finally, Alta Advisers Ltd purchased a new stake in Phillips 66 in the first quarter worth approximately $281,000. Institutional investors own 76.93% of the company’s stock.

Insider Transactions at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers acquired 175 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the transaction, the director owned 16,799 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% 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 41,021 shares of company stock worth $7,195,257. 0.40% of the stock is owned by company insiders.

Phillips 66 Trading Down 0.4%

NYSE:PSX opened at $211.49 on Thursday. The firm has a market capitalization of $84.79 billion, a P/E ratio of 20.84, a P/E/G ratio of 0.28 and a beta of 0.69. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The company has a fifty day moving average of $181.23 and a 200 day moving average of $167.47. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $216.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.90) earnings per share. On average, research analysts predict that Phillips 66 will post 19.84 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.4%. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PSX shares. Wolfe Research increased their price target on shares of Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Citigroup boosted their price objective on shares of Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Raymond James Financial upped their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. Finally, Jefferies Financial Group lifted their target price on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $198.72.

Phillips 66 Company 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.