49,375 Phillips 66 $PSX Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA cut its holdings in shares of Phillips 66 (NYSE:PSX) by 19.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 205,205 shares of the oil and gas company’s stock after selling 49,375 shares during the period. Pictet Asset Management Holding SA’s holdings in Phillips 66 were worth $52,391,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in shares of Phillips 66 during the second quarter worth about $5,766,779,000. Bank of New York Mellon Corp acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $1,093,206,000. Bank of America Corp DE bought a new stake in Phillips 66 during the 2nd quarter worth approximately $469,970,000. Legal & General Group Plc bought a new stake in Phillips 66 during the 2nd quarter worth approximately $303,648,000. Finally, Deutsche Bank AG bought a new stake in Phillips 66 during the 2nd quarter worth approximately $271,128,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Phillips 66 news, EVP Richard Harbison sold 52,100 shares of the business’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the sale, the executive vice president directly owned 39,094 shares of the company’s stock, valued at $8,747,673.44. The trade was a 57.13% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Brian Mandell sold 23,400 shares of the stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the transaction, the executive vice president owned 61,595 shares of the company’s stock, valued at approximately $16,326,370.70. This represents a 27.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. Piper Sandler raised their target price on shares of Phillips 66 from $264.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, October 29th. Citigroup increased their price objective on shares of Phillips 66 from $297.00 to $302.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 4th. Mizuho lowered shares of Phillips 66 from an “outperform” rating to a “neutral” rating and raised their price objective for the stock from $220.00 to $300.00 in a report on Thursday, October 8th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $245.00 to $274.00 and gave the stock a “neutral” rating in a report on Wednesday, September 30th. Finally, Wells Fargo & Company upped their target price on shares of Phillips 66 from $345.00 to $346.00 and gave the stock an “overweight” rating in a research note on Thursday, October 29th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $270.12.

Phillips 66 Price Performance

Shares of PSX opened at $253.08 on Tuesday. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. Phillips 66 has a twelve month low of $127.16 and a twelve month high of $299.39. The stock has a market capitalization of $98.72 billion, a P/E ratio of 8.08, a P/E/G ratio of 0.14 and a beta of 0.69. The company has a 50 day moving average of $268.22 and a 200-day moving average of $202.07.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $14.08 EPS for the quarter, topping analysts’ consensus estimates of $11.73 by $2.35. Phillips 66 had a net margin of 7.27% and a return on equity of 33.12%. The business had revenue of $50.54 billion for the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the previous year, the firm posted $2.52 earnings per share. As a group, equities research analysts forecast that Phillips 66 will post 33.63 EPS for the current fiscal year.

Phillips 66 declared that its board has authorized a stock buyback program on Friday, July 31st that authorizes the company to buy back $10 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Share buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Tuesday, November 17th will be paid a $1.33 dividend. This represents a $5.32 annualized dividend and a yield of 2.1%. The ex-dividend date is Tuesday, November 17th. This is an increase from Phillips 66’s previous quarterly dividend of $1.27. Phillips 66’s dividend payout ratio (DPR) is presently 16.22%.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel.

The company’s midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

Phillips 66 was established in 2012 when ConocoPhillips separated its downstream and midstream businesses.