Hsbc Holdings PLC Decreases Stake in Phillips 66 $PSX

Hsbc Holdings PLC reduced its stake in shares of Phillips 66 (NYSE:PSX) by 16.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 860,459 shares of the oil and gas company’s stock after selling 168,649 shares during the quarter. Hsbc Holdings PLC’s holdings in Phillips 66 were worth $110,832,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in PSX. Clifford Group LLC raised its stake in Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after acquiring an additional 64 shares during the last quarter. CYBER HORNET ETFs LLC increased its holdings in shares of Phillips 66 by 5.7% in the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock valued at $158,000 after purchasing an additional 66 shares during the period. GHP Investment Advisors Inc. raised its stake in shares of Phillips 66 by 2.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock worth $414,000 after purchasing an additional 72 shares during the last quarter. Johnson Financial Group Inc. raised its stake in shares of Phillips 66 by 11.9% in the fourth quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock worth $88,000 after purchasing an additional 72 shares during the last quarter. Finally, L2 Asset Management LLC lifted its holdings in shares of Phillips 66 by 4.0% during the third quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock worth $257,000 after purchasing an additional 72 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other news, Director Kevin Omar Meyers bought 175 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was purchased at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction on 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 sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.40% of the company’s stock.

Phillips 66 Stock Down 0.0%

Phillips 66 stock opened at $176.40 on Friday. The firm has a market cap of $70.72 billion, a price-to-earnings ratio of 17.38, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69. Phillips 66 has a 52 week low of $118.07 and a 52 week high of $190.61. The business’s 50-day moving average price is $174.43 and its 200 day moving average price is $161.15. 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) last announced its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $35.86 billion. During the same period in the previous year, the company posted ($0.90) earnings per share. Phillips 66’s revenue for the quarter was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Phillips 66 will post 19.27 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were issued a dividend of $1.27 per share. This represents a $5.08 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, May 18th. Phillips 66’s payout ratio is 50.05%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PSX. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 13th. UBS Group reissued a “buy” rating and set a $212.00 price target on shares of Phillips 66 in a research report on Monday, June 15th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. Mizuho raised shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $170.00 to $212.00 in a report on Wednesday, May 27th. Finally, Jefferies Financial Group increased their price objective on shares of Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $192.72.

Phillips 66 Company 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.