Bank of New York Mellon Corp Sells 880,362 Shares of Phillips 66 $PSX

Bank of New York Mellon Corp lowered its position in Phillips 66 (NYSE:PSX) by 9.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,514,388 shares of the oil and gas company’s stock after selling 880,362 shares during the quarter. Bank of New York Mellon Corp owned about 2.11% of Phillips 66 worth $1,158,127,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Evolution Wealth Management Inc. bought a new position in Phillips 66 in the 2nd quarter worth about $25,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new position in shares of Phillips 66 in the second quarter worth approximately $32,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of Phillips 66 in the second quarter worth approximately $38,000. Operose Advisors LLC raised its stake in Phillips 66 by 260.4% in the second quarter. Operose Advisors LLC now owns 346 shares of the oil and gas company’s stock valued at $41,000 after purchasing an additional 250 shares in the last quarter. Finally, Traub Capital Management LLC bought a new stake in Phillips 66 during the second quarter valued at approximately $43,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wells Fargo & Company upped their target price on shares of Phillips 66 from $154.00 to $162.00 and gave the stock an “overweight” rating in a research report on Thursday, October 30th. Mizuho boosted their price objective on Phillips 66 from $150.00 to $152.00 and gave the company a “neutral” rating in a research report on Monday, January 12th. TD Cowen boosted their price objective on shares of Phillips 66 from $145.00 to $151.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Citigroup increased their target price on shares of Phillips 66 from $137.00 to $146.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Finally, Wall Street Zen downgraded Phillips 66 from a “buy” rating to a “hold” rating in a report on Saturday, December 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and thirteen have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Phillips 66 currently has an average rating of “Hold” and a consensus price target of $153.53.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $140.19 on Wednesday. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $146.88. The stock has a market capitalization of $56.49 billion, a P/E ratio of 38.30, a P/E/G ratio of 0.40 and a beta of 0.90. The company’s 50-day moving average is $136.24 and its 200 day moving average is $132.55. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.23 and a quick ratio of 0.87.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.38. Phillips 66 had a return on equity of 5.53% and a net margin of 1.12%.The business had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period in the previous year, the firm posted $2.04 EPS. On average, sell-side analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Insider Activity

In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 4,394 shares of the firm’s stock in a transaction on Friday, January 9th. The stock was sold at an average price of $145.00, for a total transaction of $637,130.00. Following the completion of the transaction, the executive vice president owned 30,193 shares of the company’s stock, valued at approximately $4,377,985. This trade represents a 12.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Brian Mandell sold 26,200 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $137.68, for a total transaction of $3,607,216.00. Following the completion of the sale, the executive vice president directly owned 56,838 shares in the company, valued at $7,825,455.84. This represents a 31.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 86,094 shares of company stock worth $11,955,366 in the last quarter. 0.22% of the stock is owned by company insiders.

Phillips 66 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.