Bank of New York Mellon Corp Boosts Position in Phillips 66 $PSX

Bank of New York Mellon Corp boosted its position in shares of Phillips 66 (NYSE:PSX) by 6.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,394,750 shares of the oil and gas company’s stock after purchasing an additional 537,245 shares during the quarter. Bank of New York Mellon Corp’s holdings in Phillips 66 were worth $1,120,794,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of PSX. Elliott Investment Management L.P. increased its stake in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after acquiring an additional 14,950,000 shares during the last quarter. Chronos Wealth Management LLC acquired a new stake in shares of Phillips 66 in the second quarter valued at about $281,000. Sustainable Insight Capital Management LLC purchased a new position in Phillips 66 in the first quarter valued at about $1,457,000. Evergreen Wealth Solutions LLC purchased a new position in Phillips 66 in the first quarter valued at about $292,000. Finally, Concurrent Investment Advisors LLC boosted its holdings in Phillips 66 by 45.3% in the first quarter. Concurrent Investment Advisors LLC now owns 30,055 shares of the oil and gas company’s stock valued at $3,711,000 after purchasing an additional 9,376 shares during the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gregory Hayes purchased 8,350 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was bought at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the transaction, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. This trade represents a 39.62% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.22% of the company’s stock.

Phillips 66 Stock Down 0.6%

Shares of PSX stock opened at $136.23 on Monday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The stock has a market cap of $54.89 billion, a PE ratio of 37.22, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. The business’s fifty day moving average is $132.67 and its 200-day moving average is $123.64. 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 quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The company had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period last year, the firm earned $2.04 EPS. Equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be issued a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, November 17th. Phillips 66’s dividend payout ratio is currently 131.15%.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of research analyst reports. Mizuho increased their target price on Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Monday, September 15th. Jefferies Financial Group raised their price target on Phillips 66 from $133.00 to $137.00 and gave the stock a “hold” rating in a report on Friday, October 10th. Piper Sandler raised their price target on Phillips 66 from $155.00 to $159.00 and gave the stock a “neutral” rating in a report on Thursday. Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 26th. Finally, UBS Group lifted their target price on Phillips 66 from $143.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average price target of $142.94.

About Phillips 66

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.