First Interstate Bank Buys 840 Shares of Phillips 66 (NYSE:PSX)

First Interstate Bank grew its stake in shares of Phillips 66 (NYSE:PSX) by 32.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,464 shares of the oil and gas company’s stock after acquiring an additional 840 shares during the quarter. First Interstate Bank’s holdings in Phillips 66 were worth $489,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PSX. Manning & Napier Advisors LLC bought a new stake in shares of Phillips 66 in the 2nd quarter worth $17,670,000. M&G Plc bought a new stake in Phillips 66 in the 2nd quarter worth about $3,596,000. Duality Advisers LP purchased a new position in Phillips 66 in the 1st quarter worth about $3,596,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Phillips 66 by 42.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after acquiring an additional 39,775 shares during the period. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in shares of Phillips 66 by 14.3% during the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 289,395 shares of the oil and gas company’s stock valued at $38,530,000 after acquiring an additional 36,116 shares during the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Down 0.1 %

PSX opened at $127.95 on Tuesday. The company has a market capitalization of $53.56 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 2.31 and a beta of 1.33. The firm has a 50-day simple moving average of $136.90 and a two-hundred day simple moving average of $144.73. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. Phillips 66 has a 52 week low of $107.85 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same quarter in the previous year, the business posted $3.87 earnings per share. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. Analysts forecast that Phillips 66 will post 9.25 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.60%. Phillips 66’s dividend payout ratio is currently 35.38%.

Analysts Set New Price Targets

A number of brokerages have weighed in on PSX. Raymond James boosted their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Scotiabank decreased their price target on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Wolfe Research started coverage on Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Barclays raised their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Piper Sandler dropped their target price on shares of Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $157.85.

Insiders Place Their Bets

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the sale, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.22% of the stock is currently owned by insiders.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.