Bank of New York Mellon Corp Sells 880,362 Shares of Phillips 66 $PSX

Bank of New York Mellon Corp lessened its stake in shares of Phillips 66 (NYSE:PSX) by 9.4% in the third quarter, Holdings Channel reports. The institutional investor owned 8,514,388 shares of the oil and gas company’s stock after selling 880,362 shares during the period. Bank of New York Mellon Corp’s holdings in Phillips 66 were worth $1,158,127,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Evolution Wealth Management Inc. bought a new position in shares of Phillips 66 during the second quarter valued at $25,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in Phillips 66 in the 2nd quarter worth about $32,000. Twin Peaks Wealth Advisors LLC bought a new position in Phillips 66 in the 2nd quarter worth about $38,000. Operose Advisors LLC grew its position in Phillips 66 by 260.4% during the 2nd quarter. Operose Advisors LLC now owns 346 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 250 shares during the last quarter. Finally, Traub Capital Management LLC purchased a new position in Phillips 66 in the second quarter worth about $43,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 26,200 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,825,455.84. The trade was a 31.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Vanessa Allen Sutherland sold 4,394 shares of the company’s stock in a transaction that occurred on Friday, January 9th. The shares were sold at an average price of $145.00, for a total transaction of $637,130.00. Following the sale, the executive vice president directly owned 30,193 shares of the company’s stock, valued at approximately $4,377,985. This represents a 12.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 86,094 shares of company stock valued at $11,955,366. 0.22% of the stock is owned by insiders.

Phillips 66 Stock Down 0.1%

Phillips 66 stock opened at $140.19 on Wednesday. Phillips 66 has a one year low of $91.01 and a one year high of $146.88. The stock has a fifty day moving average of $136.24 and a 200 day moving average of $132.55. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.23. The stock has a market cap of $56.49 billion, a PE ratio of 38.30, a price-to-earnings-growth ratio of 0.40 and a beta of 0.90.

Phillips 66 (NYSE:PSX) last announced its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The business 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 posted $2.04 earnings per share. As a group, sell-side analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. Weiss Ratings reiterated a “hold (c)” rating on shares of Phillips 66 in a research note on Thursday, January 22nd. Raymond James Financial upped their price objective on Phillips 66 from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Friday, January 23rd. TD Cowen lifted their target price on Phillips 66 from $145.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Scotiabank restated a “sector perform” rating and issued a $140.00 price target on shares of Phillips 66 in a research note on Friday, January 16th. Finally, UBS Group reaffirmed a “buy” rating on shares of Phillips 66 in a research report on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and thirteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $153.53.

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.