American National Bank Cuts Stake in Phillips 66 (NYSE:PSX)

American National Bank reduced its stake in shares of Phillips 66 (NYSE:PSX) by 6.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,712 shares of the oil and gas company’s stock after selling 120 shares during the period. American National Bank’s holdings in Phillips 66 were worth $280,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Wellington Management Group LLP lifted its holdings in shares of Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock worth $1,451,643,000 after acquiring an additional 1,842,226 shares during the period. Morgan Stanley lifted its holdings in shares of Phillips 66 by 2.1% during the 3rd quarter. Morgan Stanley now owns 6,768,960 shares of the oil and gas company’s stock worth $813,291,000 after acquiring an additional 138,646 shares during the period. Northern Trust Corp lifted its holdings in shares of Phillips 66 by 6.2% during the 3rd quarter. Northern Trust Corp now owns 4,881,094 shares of the oil and gas company’s stock worth $586,463,000 after acquiring an additional 283,010 shares during the period. Norges Bank purchased a new position in shares of Phillips 66 during the 4th quarter worth about $559,435,000. Finally, Boston Partners increased its position in Phillips 66 by 962.0% during the 4th quarter. Boston Partners now owns 3,858,170 shares of the oil and gas company’s stock worth $513,327,000 after purchasing an additional 3,494,878 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Timothy D. Roberts sold 37,742 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $145.80, for a total transaction of $5,502,783.60. Following the transaction, the executive vice president now directly owns 48,365 shares in the company, valued at $7,051,617. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on PSX. Scotiabank increased their target price on shares of Phillips 66 from $148.00 to $156.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. TD Cowen dropped their target price on shares of Phillips 66 from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday. Wells Fargo & Company increased their target price on shares of Phillips 66 from $179.00 to $191.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Argus reissued a “buy” rating and set a $167.00 target price on shares of Phillips 66 in a research report on Thursday, May 30th. 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 research report on Friday, June 14th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $157.79.

Phillips 66 Stock Performance

Phillips 66 stock opened at $138.09 on Friday. The stock has a market cap of $58.54 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37. The company has a current ratio of 1.17, a quick ratio of 0.82 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average of $144.60 and a 200-day moving average of $144.08. Phillips 66 has a 52 week low of $89.74 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 26th. The oil and gas company reported $1.90 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.15). The business had revenue of $36.44 billion for the quarter, compared to analysts’ expectations of $35.87 billion. Phillips 66 had a net margin of 3.84% and a return on equity of 19.19%. During the same quarter last year, the company posted $4.21 earnings per share. On average, analysts expect that Phillips 66 will post 11.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were paid a dividend of $1.15 per share. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend was Friday, May 17th. Phillips 66’s dividend payout ratio is 35.38%.

Phillips 66 Profile

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.