OLD National Bancorp IN Lowers Stake in Phillips 66 (PSX)

OLD National Bancorp IN cut its holdings in Phillips 66 (NYSE:PSX) by 6.4% during the 1st quarter, Holdings Channel reports. The firm owned 4,328 shares of the oil and gas company’s stock after selling 298 shares during the period. OLD National Bancorp IN’s holdings in Phillips 66 were worth $412,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Burt Wealth Advisors boosted its position in Phillips 66 by 285.7% during the first quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 300 shares during the last quarter. Proficio Capital Partners LLC boosted its position in Phillips 66 by 46.1% during the fourth quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 137 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in Phillips 66 during the fourth quarter worth approximately $37,000. Truehand Inc acquired a new stake in Phillips 66 during the fourth quarter worth approximately $40,000. Finally, Massey Quick Simon & CO. LLC acquired a new stake in Phillips 66 during the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 71.83% of the company’s stock.

In other Phillips 66 news, Director John E. Lowe bought 2,000 shares of the business’s stock in a transaction dated Thursday, May 9th. The shares were acquired at an average price of $84.41 per share, with a total value of $168,820.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Chairman Greg C. Garland sold 42,728 shares of the firm’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $97.61, for a total transaction of $4,170,680.08. The disclosure for this sale can be found here. Company insiders own 0.13% of the company’s stock.

NYSE:PSX opened at $86.92 on Thursday. The company has a current ratio of 1.31, a quick ratio of 0.84 and a debt-to-equity ratio of 0.42. The company has a market cap of $38.91 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 1.36 and a beta of 0.91. Phillips 66 has a fifty-two week low of $78.44 and a fifty-two week high of $123.97.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.06. The company had revenue of $23.66 billion for the quarter, compared to the consensus estimate of $24.66 billion. Phillips 66 had a net margin of 4.63% and a return on equity of 19.96%. During the same quarter last year, the firm posted $1.04 earnings per share. On average, equities analysts predict that Phillips 66 will post 7.45 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Shareholders of record on Monday, May 20th will be paid a dividend of $0.90 per share. The ex-dividend date is Friday, May 17th. This represents a $3.60 dividend on an annualized basis and a yield of 4.14%. This is an increase from Phillips 66’s previous quarterly dividend of $0.80. Phillips 66’s dividend payout ratio (DPR) is currently 27.33%.

A number of analysts recently issued reports on the stock. ValuEngine lowered shares of Phillips 66 from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 7th. Bank of America upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 target price on the stock in a research report on Monday, April 29th. They noted that the move was a valuation call. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research report on Friday, February 8th. Jefferies Financial Group lowered shares of Phillips 66 from a “buy” rating to a “hold” rating and raised their target price for the stock from $105.00 to $107.00 in a research report on Monday, April 15th. Finally, Argus decreased their target price on shares of Phillips 66 to $116.00 and set a “buy” rating on the stock in a research report on Thursday, February 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Phillips 66 currently has a consensus rating of “Hold” and an average price target of $120.67.

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Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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