PNC Financial Services Group Inc. Sells 211,700 Shares of Phillips 66 $PSX

PNC Financial Services Group Inc. decreased its stake in shares of Phillips 66 (NYSE:PSX) by 22.0% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 751,929 shares of the oil and gas company’s stock after selling 211,700 shares during the period. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $97,029,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Board of the Pension Protection Fund bought a new position in Phillips 66 during the fourth quarter worth $26,000. Accordant Advisory Group Inc grew its holdings in Phillips 66 by 900.0% in the fourth quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 180 shares during the period. Eagle Bay Advisors LLC bought a new stake in Phillips 66 in the fourth quarter valued at $27,000. Stephens Consulting LLC raised its holdings in shares of Phillips 66 by 67.7% during the fourth quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 90 shares during the period. Finally, Dorato Capital Management acquired a new position in shares of Phillips 66 during the fourth quarter valued at about $35,000. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 1.6%

NYSE:PSX opened at $179.54 on Thursday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. 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 $71.98 billion, a PE ratio of 17.69, a PEG ratio of 0.27 and a beta of 0.70. The firm has a 50-day moving average of $171.72 and a 200-day moving average of $152.86.

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 for the quarter, beating the consensus estimate of ($0.54) by $1.03. The business had revenue of $32.54 billion for the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The firm’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($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 business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Monday, May 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, May 18th. Phillips 66’s dividend payout ratio (DPR) is currently 50.05%.

Insider Buying and Selling

In related news, Director Kevin Omar Meyers purchased 175 shares of the firm’s stock in a transaction that occurred 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 acquisition, the director owned 16,799 shares of the company’s stock, valued at $2,908,242.88. This represents a 1.05% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 29,400 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $170.00, for a total value of $4,998,000.00. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,553,920. The trade was a 23.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 114,029 shares of company stock worth $19,641,455 in the last ninety days. Corporate insiders own 0.40% of the company’s stock.

Analyst Ratings Changes

PSX has been the subject of several research reports. JPMorgan Chase & Co. raised their target price on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. The Goldman Sachs Group upped their price target on Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Tuesday. Barclays increased their price target on Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 8th. Wolfe Research raised their price objective on Phillips 66 from $187.00 to $193.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Finally, Scotiabank boosted their price objective on Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $187.11.

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.