Key Points
- Phillips 66 CFO Kevin Mitchell sold 29,400 shares on May 8 at an average price of $170, for proceeds of about $5.0 million. After the sale, he still owned 97,376 shares, cutting his stake by 23.19%.
- The company reported stronger-than-expected quarterly earnings, posting EPS of $0.49 versus the consensus estimate of a loss of $0.54. However, revenue of $32.54 billion came in below analyst expectations.
- Phillips 66 announced a quarterly dividend of $1.27 per share, payable June 1 to shareholders of record on May 18. The dividend implies an annualized payout of $5.08 and a yield of about 2.9%.
Phillips 66 (NYSE:PSX - Get Free Report) CFO Kevin Mitchell sold 600 shares of Phillips 66 stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the transaction, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. This trade represents a 0.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.
Phillips 66 Stock Up 0.1%
Shares of PSX opened at $175.61 on Wednesday. The firm has a market cap of $70.41 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 0.26 and a beta of 0.70. The company's fifty day moving average is $170.08 and its two-hundred day moving average is $151.13. Phillips 66 has a fifty-two week low of $109.75 and a fifty-two week high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of ($0.54) by $1.03. The company had revenue of $32.54 billion for the quarter, compared to analyst estimates of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.90) EPS. Analysts forecast that Phillips 66 will post 17.39 earnings per share for the current year.
Phillips 66 Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Shareholders of record on Monday, May 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66's dividend payout ratio (DPR) is 50.05%.
Institutional Investors Weigh In On Phillips 66
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PSX. Brighton Jones LLC increased its stake in Phillips 66 by 238.5% during the 4th 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 period. Woodline Partners LP increased its stake in Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company's stock worth $4,308,000 after buying an additional 10,089 shares during the period. Sei Investments Co. increased its stake in 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 worth $18,788,000 after buying an additional 34,698 shares during the period. The Manufacturers Life Insurance Company increased its stake in 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 buying an additional 28,988 shares during the period. Finally, Glenview Trust co increased its stake in Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company's stock worth $1,068,000 after buying an additional 229 shares during the period. Hedge funds and other institutional investors own 76.93% of the company's stock.
Analyst Ratings Changes
A number of brokerages have weighed in on PSX. Weiss Ratings lowered shares of Phillips 66 from a "buy (b-)" rating to a "hold (c)" rating in a report on Friday, May 1st. The Goldman Sachs Group lifted their target price on shares of Phillips 66 from $186.00 to $192.00 and gave the company a "neutral" rating in a report on Friday, April 10th. Wall Street Zen upgraded shares of Phillips 66 from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 2nd. JPMorgan Chase & Co. lifted their target price on shares of Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Finally, TD Cowen lifted their target price on shares of Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a report on Wednesday, April 1st. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Phillips 66 has an average rating of "Moderate Buy" and an average price target of $184.50.
View Our Latest Research Report on Phillips 66
About Phillips 66
(
Get Free Report)
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.
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