Norges Bank Makes New $640.21 Million Investment in Phillips 66 $PSX

Norges Bank bought a new position in shares of Phillips 66 (NYSE:PSX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,961,297 shares of the oil and gas company’s stock, valued at approximately $640,206,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PSX. Vanguard Group Inc. lifted its stake in Phillips 66 by 11.6% during the third quarter. Vanguard Group Inc. now owns 51,724,558 shares of the oil and gas company’s stock worth $7,035,574,000 after purchasing an additional 5,356,558 shares during the last quarter. M&T Bank Corp lifted its stake in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock worth $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. AQR Capital Management LLC lifted its stake in Phillips 66 by 424.7% during the third quarter. AQR Capital Management LLC now owns 1,893,195 shares of the oil and gas company’s stock worth $257,512,000 after purchasing an additional 1,532,389 shares during the last quarter. Worldquant Millennium Advisors LLC bought a new stake in Phillips 66 during the second quarter worth $107,967,000. Finally, Holocene Advisors LP lifted its stake in Phillips 66 by 2,433.1% during the second quarter. Holocene Advisors LP now owns 711,599 shares of the oil and gas company’s stock worth $84,894,000 after purchasing an additional 683,507 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 0.0%

Shares of PSX opened at $175.79 on Monday. Phillips 66 has a 52 week low of $111.19 and a 52 week high of $190.61. The stock has a market capitalization of $70.48 billion, a price-to-earnings ratio of 17.32, a PEG ratio of 0.26 and a beta of 0.68. 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 stock has a fifty day moving average of $172.38 and a 200-day moving average of $154.77.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results 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 company had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.Phillips 66’s revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.90) EPS. As a group, sell-side analysts anticipate that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 1st. Investors 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 yield of 2.9%. The ex-dividend date is Monday, May 18th. Phillips 66’s dividend payout ratio is presently 50.05%.

Insider Buying and Selling

In related news, EVP Brian Mandell sold 42,800 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $169.53, for a total value of $7,255,884.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $10,442,200.35. This represents a 41.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares of the company’s stock, valued at $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 114,029 shares of company stock valued at $19,641,455. Company insiders own 0.40% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on PSX shares. Weiss Ratings cut Phillips 66 from a “buy (b-)” rating to a “hold (c)” rating in a research note on Friday, May 1st. Citigroup increased their price target on Phillips 66 from $159.00 to $183.00 and gave the company a “neutral” rating in a research note on Thursday, April 9th. Piper Sandler increased their price target on Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research note on Wednesday, April 8th. JPMorgan Chase & Co. increased their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Finally, Zacks Research upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.28.

Phillips 66 Company 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.