Cullen Frost Bankers Inc. Purchases 7,434 Shares of Phillips 66 $PSX

Cullen Frost Bankers Inc. lifted its position in shares of Phillips 66 (NYSE:PSX) by 40.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 26,012 shares of the oil and gas company’s stock after purchasing an additional 7,434 shares during the period. Cullen Frost Bankers Inc.’s holdings in Phillips 66 were worth $3,103,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Wolff Wiese Magana LLC increased its stake in shares of Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 82 shares during the period. von Borstel & Associates Inc. bought a new position in shares of Phillips 66 during the first quarter worth approximately $27,000. Olde Wealth Management LLC bought a new position in Phillips 66 during the 1st quarter worth $28,000. Smallwood Wealth Investment Management LLC bought a new position in Phillips 66 during the 1st quarter worth $29,000. Finally, Pinpoint Asset Management Ltd bought a new position in Phillips 66 during the 1st quarter worth $29,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Up 3.4%

Shares of PSX stock opened at $135.87 on Friday. The stock’s fifty day moving average price is $131.28 and its two-hundred day moving average price is $121.50. The company has a market cap of $54.91 billion, a PE ratio of 32.66, a P/E/G ratio of 1.72 and a beta of 1.11. Phillips 66 has a fifty-two week low of $91.01 and a fifty-two week high of $142.35. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. Phillips 66 had a return on equity of 4.87% and a net margin of 1.27%.During the same quarter last year, the business posted $2.31 EPS. Equities analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is currently 115.38%.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the firm’s stock in a transaction on Friday, September 26th. The stock was sold at an average price of $140.00, for a total transaction of $615,020.00. Following the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Sigmund L. Cornelius acquired 500 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The shares were purchased at an average cost of $123.55 per share, for a total transaction of $61,775.00. Following the acquisition, the director owned 21,543 shares in the company, valued at $2,661,637.65. This represents a 2.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 9,850 shares of company stock worth $1,188,910. 0.22% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PSX shares. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 26th. Argus upgraded Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Evercore ISI raised their price objective on Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. Finally, Scotiabank restated a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and twelve have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $141.50.

Phillips 66 Company 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.