DNB Asset Management AS Increases Holdings in Phillips 66 $PSX

DNB Asset Management AS increased its stake in shares of Phillips 66 (NYSE:PSX) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 85,043 shares of the oil and gas company’s stock after buying an additional 2,995 shares during the quarter. DNB Asset Management AS’s holdings in Phillips 66 were worth $10,974,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PSX. Brighton Jones LLC raised its stake in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP raised its stake in Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after purchasing an additional 10,089 shares during the period. Sei Investments Co. raised its position in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after purchasing an additional 34,698 shares during the period. The Manufacturers Life Insurance Company raised its position in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co raised its position in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Up 0.1%

PSX opened at $176.42 on Monday. Phillips 66 has a one year low of $109.75 and a one year high of $190.61. The company has a market cap of $70.73 billion, a P/E ratio of 17.38, a PEG ratio of 0.26 and a beta of 0.70. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.85 and a current ratio of 1.13. The business’s 50-day simple moving average is $170.79 and its 200-day simple moving average is $151.93.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.90) EPS. As a group, equities research analysts expect that Phillips 66 will post 17.64 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Monday, May 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Activity

In other Phillips 66 news, EVP Don Baldridge sold 7,500 shares of Phillips 66 stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $160.00, for a total value of $1,200,000.00. Following the transaction, the executive vice president directly owned 38,488 shares in the company, valued at approximately $6,158,080. The trade was a 16.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the company’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the completion of the purchase, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold a total of 121,529 shares of company stock worth $20,841,455 over the last ninety days. 0.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PSX shares. Piper Sandler lifted their target price on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. Jefferies Financial Group downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. TD Cowen boosted their price target on shares of Phillips 66 from $155.00 to $213.00 and gave the company a “buy” rating in a research note on Wednesday, April 1st. Citigroup boosted their price objective on Phillips 66 from $159.00 to $183.00 and gave the company a “neutral” rating in a report on Thursday, April 9th. Finally, Wells Fargo & Company boosted their price objective on Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a report on Tuesday, March 31st. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $186.28.

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.