Saturna Capital Corp Increases Stock Holdings in Phillips 66 $PSX

Saturna Capital Corp boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 48.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,334 shares of the oil and gas company’s stock after buying an additional 2,710 shares during the period. Saturna Capital Corp’s holdings in Phillips 66 were worth $1,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Vanguard Group Inc. boosted its holdings in Phillips 66 by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock worth $6,701,052,000 after acquiring an additional 205,480 shares in the last quarter. State Street Corp grew its stake in Phillips 66 by 0.8% during the 4th quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock valued at $3,043,996,000 after purchasing an additional 175,616 shares during the last quarter. Geode Capital Management LLC grew its stake in Phillips 66 by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after purchasing an additional 45,340 shares during the last quarter. Norges Bank acquired a new position in shares of Phillips 66 in the fourth quarter valued at about $640,206,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in Phillips 66 by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock worth $509,006,000 after buying an additional 89,621 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Kevin Omar Meyers acquired 175 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. This trade represents a 1.05% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction on Friday, May 8th. The stock was sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 41,021 shares of company stock worth $7,195,257 in the last 90 days. 0.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts have commented on PSX shares. Morgan Stanley upped their price target on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Wall Street Zen lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Piper Sandler lifted their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a report on Wednesday, April 8th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $170.00 to $212.00 in a research report on Wednesday, May 27th. Finally, Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and an average price target of $197.17.

Phillips 66 Trading Up 1.6%

PSX stock opened at $212.09 on Wednesday. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $212.39. The business’s 50-day moving average is $180.44 and its 200 day moving average is $166.89. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. The stock has a market cap of $85.03 billion, a price-to-earnings ratio of 20.90, a PEG ratio of 0.27 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its 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 business 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%.The business’s revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.90) earnings per share. On average, sell-side analysts anticipate that Phillips 66 will post 19.84 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is currently 50.05%.

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.