Bank of New York Mellon Corp Sells 1,410,831 Shares of Phillips 66 $PSX

Bank of New York Mellon Corp trimmed its stake in Phillips 66 (NYSE:PSX) by 16.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,103,557 shares of the oil and gas company’s stock after selling 1,410,831 shares during the quarter. Bank of New York Mellon Corp’s holdings in Phillips 66 were worth $916,643,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Board of the Pension Protection Fund purchased a new position in Phillips 66 in the 4th quarter worth about $26,000. Accordant Advisory Group Inc raised its holdings in shares of Phillips 66 by 900.0% during the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 180 shares during the last quarter. Eagle Bay Advisors LLC bought a new position in Phillips 66 during the fourth quarter valued at approximately $27,000. Stephens Consulting LLC boosted its holdings in Phillips 66 by 67.7% in the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 90 shares during the last quarter. Finally, Dorato Capital Management purchased a new stake in Phillips 66 in the fourth quarter worth approximately $35,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PSX shares. Barclays boosted their target price on shares of Phillips 66 from $158.00 to $177.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 8th. Citigroup lifted their price objective on Phillips 66 from $159.00 to $183.00 and gave the stock a “neutral” rating in a report on Thursday, April 9th. JPMorgan Chase & Co. upped their price objective on Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. Jefferies Financial Group increased their target price on Phillips 66 from $173.00 to $191.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Finally, UBS Group raised their target price on Phillips 66 from $172.00 to $212.00 and gave the stock a “buy” rating in a research report on Thursday, April 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $191.28.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 29,400 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brian Mandell sold 42,800 shares of Phillips 66 stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $169.53, for a total transaction of $7,255,884.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. This represents a 41.00% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 92,229 shares of company stock valued at $15,990,030 in the last 90 days. Corporate insiders own 0.40% of the company’s stock.

Phillips 66 Trading Up 1.3%

Shares of PSX stock opened at $184.89 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The company has a market cap of $74.13 billion, a price-to-earnings ratio of 18.22, a PEG ratio of 0.27 and a beta of 0.68. Phillips 66 has a 1 year low of $111.37 and a 1 year high of $190.61. The firm has a fifty day moving average price of $172.72 and a 200-day moving average price of $155.68.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. During the same period last year, the firm earned ($0.90) EPS. Phillips 66’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, equities analysts predict that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.7%. Phillips 66’s dividend payout ratio (DPR) is 50.05%.

Phillips 66 Profile

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.