Lombard Odier Asset Management Switzerland SA acquired a new position in Phillips 66 (NYSE:PSX – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 5,656 shares of the oil and gas company’s stock, valued at approximately $1,030,000.
A number of other institutional investors have also recently bought and sold shares of PSX. Brighton Jones LLC increased its holdings in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares during the last quarter. Woodline Partners LP boosted its stake in Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. grew its position in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares during the last quarter. Finally, Glenview Trust co raised its holdings in shares of Phillips 66 by 2.6% in the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after purchasing an additional 229 shares during the period. Institutional investors own 76.93% of the company’s stock.
Insider Activity
In other Phillips 66 news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,553,920. The trade was a 23.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the transaction, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders sold 41,021 shares of company stock valued at $7,195,257. 0.40% of the stock is owned by corporate insiders.
Phillips 66 Stock Up 0.5%
Phillips 66 (NYSE:PSX – Get Free Report) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business’s quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.90) earnings per share. On average, sell-side analysts expect that Phillips 66 will post 22.43 EPS for the current year.
Phillips 66 Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be issued a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.4%. Phillips 66’s dividend payout ratio is 50.05%.
Analysts Set New Price Targets
PSX has been the topic of several research analyst reports. UBS Group upped their price objective on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday. TD Cowen boosted their target price on Phillips 66 from $220.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. Piper Sandler reiterated a “neutral” rating and set a $208.00 price target on shares of Phillips 66 in a research note on Thursday, July 23rd. Finally, Citigroup lifted their price objective on Phillips 66 from $183.00 to $204.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $201.72.
Get Our Latest Report on Phillips 66
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.
Featured Articles
- Five stocks we like better than Phillips 66
- AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next
- Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now
- Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There?
- Verizon May Be an AI Infrastructure Stock Hiding in Plain Sight
Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).
Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with MarketBeat.com's FREE daily email newsletter.
