DNB Asset Management AS Has $9.43 Million Holdings in Phillips 66 $PSX

DNB Asset Management AS grew its holdings in Phillips 66 (NYSE:PSX) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,027 shares of the oil and gas company’s stock after buying an additional 1,637 shares during the period. DNB Asset Management AS’s holdings in Phillips 66 were worth $9,428,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wolff Wiese Magana LLC raised its stake in Phillips 66 by 62.1% in the 2nd quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 82 shares during the period. Pinpoint Asset Management Ltd bought a new position in Phillips 66 during the first quarter worth $29,000. Webster Bank N. A. increased its holdings in shares of Phillips 66 by 58.8% in the second quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Nova Wealth Management Inc. bought a new position in shares of Phillips 66 in the first quarter valued at about $37,000. Finally, GKV Capital Management Co. Inc. raised its position in shares of Phillips 66 by 111.5% in the first quarter. GKV Capital Management Co. Inc. now owns 330 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 174 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Up 1.4%

NYSE PSX opened at $133.78 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company has a market cap of $53.90 billion, a price-to-earnings ratio of 36.55, a PEG ratio of 1.81 and a beta of 1.08. The company has a 50 day moving average of $134.33 and a 200-day moving average of $127.08. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $143.25.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The business had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same quarter in the prior year, the business posted $2.04 earnings per share. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Monday, November 17th will be given a $1.20 dividend. The ex-dividend date is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.6%. Phillips 66’s dividend payout ratio (DPR) is presently 131.15%.

Insider Activity at Phillips 66

In related news, EVP Vanessa Allen Sutherland sold 4,393 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the sale, the executive vice president owned 34,587 shares of the company’s stock, valued at $4,842,180. This represents a 11.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the sale, the chief financial officer owned 89,771 shares in the company, valued at $12,388,398. The trade was a 25.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,986 shares of company stock valued at $8,955,291 over the last quarter. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PSX has been the subject of several research analyst reports. Piper Sandler lifted their target price on shares of Phillips 66 from $159.00 to $170.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Zacks Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 31st. BMO Capital Markets upped their target price on Phillips 66 from $152.00 to $160.00 in a research report on Tuesday, November 11th. Morgan Stanley increased their target price on Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, October 3rd. Finally, Cowen reissued a “buy” rating on shares of Phillips 66 in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and thirteen have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $145.71.

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.