Eastern Bank Invests $348,000 in Phillips 66 (NYSE:PSX)

Eastern Bank bought a new stake in Phillips 66 (NYSE:PSX) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 2,647 shares of the oil and gas company’s stock, valued at approximately $348,000.

A number of other institutional investors have also recently bought and sold shares of PSX. Boston Partners boosted its stake in shares of Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock worth $889,214,000 after acquiring an additional 1,595,722 shares during the period. Vanguard Group Inc. increased its holdings in shares of Phillips 66 by 4.0% in the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after purchasing an additional 1,578,669 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Phillips 66 by 96.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,863,603 shares of the oil and gas company’s stock valued at $467,743,000 after purchasing an additional 1,408,954 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Phillips 66 by 5.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after buying an additional 402,925 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Phillips 66 by 1,087.3% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 432,003 shares of the oil and gas company’s stock worth $70,563,000 after buying an additional 395,617 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Phillips 66 Trading Down 1.8 %

Shares of PSX stock opened at $129.12 on Thursday. Phillips 66 has a fifty-two week low of $107.85 and a fifty-two week high of $174.08. The stock’s fifty day moving average price is $132.85 and its two-hundred day moving average price is $139.57. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. The company has a market cap of $54.74 billion, a PE ratio of 9.93, a P/E/G ratio of 5.68 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last issued its earnings results 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 return on equity of 16.77% and a net margin of 3.32%. The firm had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the previous year, the firm earned $3.87 earnings per share. The business’s quarterly revenue was up 8.9% on a year-over-year basis. Equities analysts predict that Phillips 66 will post 7.81 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.56%. Phillips 66’s payout ratio is presently 35.38%.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on PSX. Barclays cut their price objective on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 8th. Piper Sandler set a $144.00 price target on Phillips 66 in a research note on Thursday, October 17th. Bank of America started coverage on Phillips 66 in a research report on Thursday, October 17th. They set a “buy” rating and a $156.00 price objective on the stock. Mizuho reduced their target price on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Finally, TD Cowen dropped their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $149.50.

About Phillips 66

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.