Pinnacle Financial Partners Inc Acquires 172 Shares of Phillips 66 (NYSE:PSX)

Pinnacle Financial Partners Inc grew its holdings in shares of Phillips 66 (NYSE:PSXFree Report) by 3.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,792 shares of the oil and gas company’s stock after purchasing an additional 172 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Phillips 66 were worth $638,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Moneta Group Investment Advisors LLC grew its holdings in shares of Phillips 66 by 100,843.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 9,979,304 shares of the oil and gas company’s stock worth $1,038,646,000 after purchasing an additional 9,969,418 shares in the last quarter. Barclays PLC raised its holdings in shares of Phillips 66 by 416.9% during the second quarter. Barclays PLC now owns 7,451,470 shares of the oil and gas company’s stock valued at $710,721,000 after acquiring an additional 6,009,826 shares in the last quarter. Norges Bank bought a new position in shares of Phillips 66 during the fourth quarter valued at approximately $364,237,000. Wellington Management Group LLP raised its holdings in Phillips 66 by 62.1% in the first quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock worth $620,979,000 after purchasing an additional 2,753,700 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Phillips 66 by 16.2% during the fourth quarter. Morgan Stanley now owns 6,961,625 shares of the oil and gas company’s stock valued at $724,566,000 after buying an additional 968,055 shares during the last quarter. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Joseph Scott Pruitt sold 7,200 shares of the company’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total value of $1,132,272.00. Following the completion of the transaction, the vice president now owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Phillips 66 news, EVP Richard G. Harbison sold 21,934 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $146.27, for a total transaction of $3,208,286.18. Following the completion of the transaction, the executive vice president now owns 24,941 shares of the company’s stock, valued at $3,648,120.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Joseph Scott Pruitt sold 7,200 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total value of $1,132,272.00. Following the transaction, the vice president now directly owns 6,583 shares of the company’s stock, valued at approximately $1,035,242.58. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,056 shares of company stock valued at $5,272,681. 4.57% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on PSX shares. Mizuho increased their target price on Phillips 66 from $135.00 to $167.00 and gave the company a “neutral” rating in a report on Friday, March 22nd. Citigroup started coverage on Phillips 66 in a research note on Wednesday, January 24th. They set a “buy” rating on the stock. Raymond James raised their price target on Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a report on Thursday, February 1st. Wells Fargo & Company lifted their target price on Phillips 66 from $163.00 to $179.00 and gave the stock an “overweight” rating in a report on Wednesday, March 20th. Finally, Barclays boosted their target price on Phillips 66 from $132.00 to $139.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $152.31.

Read Our Latest Stock Analysis on PSX

Phillips 66 Stock Up 1.9 %

Shares of PSX opened at $172.75 on Thursday. Phillips 66 has a 52 week low of $89.74 and a 52 week high of $173.55. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $73.91 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 2.20 and a beta of 1.37. The stock’s 50-day moving average price is $149.11 and its 200-day moving average price is $131.58.

Phillips 66 (NYSE:PSXGet Free Report) last released its quarterly earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share for the quarter, topping analysts’ consensus estimates of $2.37 by $0.72. The company had revenue of $38.74 billion during the quarter, compared to analysts’ expectations of $34.30 billion. Phillips 66 had a return on equity of 22.10% and a net margin of 4.68%. On average, sell-side analysts predict that Phillips 66 will post 12.85 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Monday, May 20th will be issued a $1.15 dividend. This is a boost from Phillips 66’s previous quarterly dividend of $1.05. This represents a $4.60 dividend on an annualized basis and a yield of 2.66%. Phillips 66’s dividend payout ratio is presently 27.15%.

About Phillips 66

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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