Zions Bancorporation N.A. Sells 1,255 Shares of Phillips 66 (NYSE:PSX)

Zions Bancorporation N.A. trimmed its position in Phillips 66 (NYSE:PSX) by 38.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,984 shares of the oil and gas company’s stock after selling 1,255 shares during the quarter. Zions Bancorporation N.A.’s holdings in Phillips 66 were worth $280,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. increased its stake in shares of Phillips 66 by 62.0% in the second quarter. Federated Hermes Inc. now owns 85,219 shares of the oil and gas company’s stock worth $12,030,000 after purchasing an additional 32,623 shares in the last quarter. Pinkerton Retirement Specialists LLC increased its stake in Phillips 66 by 5.2% in the 2nd quarter. Pinkerton Retirement Specialists LLC now owns 31,397 shares of the oil and gas company’s stock worth $4,432,000 after buying an additional 1,561 shares in the last quarter. TradeLink Capital LLC bought a new stake in Phillips 66 during the second quarter valued at about $494,000. Meeder Advisory Services Inc. lifted its position in shares of Phillips 66 by 35.7% in the second quarter. Meeder Advisory Services Inc. now owns 9,564 shares of the oil and gas company’s stock valued at $1,350,000 after acquiring an additional 2,518 shares in the last quarter. Finally, Vanguard Capital Wealth Advisors boosted its stake in shares of Phillips 66 by 38.0% in the second quarter. Vanguard Capital Wealth Advisors now owns 5,797 shares of the oil and gas company’s stock worth $818,000 after acquiring an additional 1,597 shares during the period. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Price Performance

NYSE:PSX opened at $126.70 on Friday. The firm has a market capitalization of $53.03 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 4.50 and a beta of 1.33. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The business has a 50 day simple moving average of $135.79 and a 200-day simple moving average of $144.16. Phillips 66 has a 1 year low of $107.85 and a 1 year high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to analyst estimates of $37.79 billion. During the same period in the previous year, the firm earned $3.87 earnings per share. Phillips 66’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities analysts forecast that Phillips 66 will post 9.25 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.63%. The ex-dividend date of this dividend was Tuesday, August 20th. Phillips 66’s dividend payout ratio (DPR) is currently 35.38%.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the transaction, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.22% of the stock is owned by insiders.

Analysts Set New Price Targets

PSX has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased their target price on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 2nd. Wells Fargo & Company boosted their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the stock an “overweight” rating in a report on Tuesday, September 3rd. Barclays upped their target price on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. TD Cowen reduced their price target on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Wolfe Research started coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $156.92.

Phillips 66 Company 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.