Truist Financial Corp Has $72.42 Million Holdings in Phillips 66 (NYSE:PSX)

Truist Financial Corp increased its stake in shares of Phillips 66 (NYSE:PSX) by 2.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 586,515 shares of the oil and gas company’s stock after purchasing an additional 13,232 shares during the period. Truist Financial Corp owned approximately 0.14% of Phillips 66 worth $72,423,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after acquiring an additional 7,214 shares in the last quarter. SBI Securities Co. Ltd. bought a new position in Phillips 66 during the fourth quarter worth about $49,000. Assetmark Inc. lifted its holdings in Phillips 66 by 12.3% during the fourth quarter. Assetmark Inc. now owns 3,024 shares of the oil and gas company’s stock worth $345,000 after acquiring an additional 332 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Phillips 66 during the fourth quarter worth about $16,771,000. Finally, Cullen Frost Bankers Inc. lifted its holdings in Phillips 66 by 2.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 19,288 shares of the oil and gas company’s stock worth $2,198,000 after acquiring an additional 457 shares in the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 9,800 shares of the company’s stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total value of $1,225,000.00. Following the transaction, the executive vice president owned 56,838 shares of the company’s stock, valued at approximately $7,104,750. This represents a 14.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert W. Pease bought 439 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $113.85 per share, for a total transaction of $49,980.15. Following the transaction, the director directly owned 4,091 shares of the company’s stock, valued at $465,760.35. The trade was a 12.02% increase in their position. The disclosure for this purchase can be found here. 0.22% of the stock is currently owned by corporate insiders.

Phillips 66 Price Performance

NYSE:PSX opened at $126.80 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.88 and a current ratio of 1.23. The stock’s 50-day simple moving average is $116.94 and its 200 day simple moving average is $117.09. The company has a market cap of $51.66 billion, a P/E ratio of 28.88, a P/E/G ratio of 2.00 and a beta of 1.02. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $150.12.

Phillips 66 (NYSE:PSX) last released its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The company had revenue of $31.92 billion during the quarter, compared to analyst estimates of $31.93 billion. Phillips 66 had a net margin of 1.32% and a return on equity of 4.83%. During the same period in the prior year, the firm posted $1.90 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 2nd. Stockholders of record on Monday, May 19th were given a $1.20 dividend. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. The ex-dividend date was Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.79%. Phillips 66’s dividend payout ratio is presently 109.34%.

Wall Street Analyst Weigh In

PSX has been the topic of several recent analyst reports. Wall Street Zen upgraded Phillips 66 from a “sell” rating to a “hold” rating in a report on Monday, April 28th. TD Cowen boosted their price target on Phillips 66 from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, May 13th. Cantor Fitzgerald started coverage on Phillips 66 in a report on Wednesday, June 18th. They issued a “neutral” rating on the stock. Wells Fargo & Company cut their price target on Phillips 66 from $149.00 to $147.00 and set an “overweight” rating on the stock in a report on Wednesday, June 11th. Finally, Scotiabank cut their price target on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $133.93.

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.