Bank of America Corp DE boosted its position in shares of Phillips 66 (NYSE:PSX – Get Rating) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,592,821 shares of the oil and gas company’s stock after purchasing an additional 80,265 shares during the period. Bank of America Corp DE’s holdings in Phillips 66 were worth $569,553,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in PSX. Norges Bank acquired a new position in Phillips 66 during the 4th quarter worth $276,446,000. BlackRock Inc. grew its holdings in Phillips 66 by 11.0% during the 1st quarter. BlackRock Inc. now owns 35,037,013 shares of the oil and gas company’s stock worth $3,026,848,000 after acquiring an additional 3,462,425 shares in the last quarter. Wellington Management Group LLP grew its holdings in Phillips 66 by 62.1% during the 1st quarter. Wellington Management Group LLP now owns 7,188,087 shares of the oil and gas company’s stock worth $620,979,000 after acquiring an additional 2,753,700 shares in the last quarter. Vanguard Group Inc. grew its holdings in Phillips 66 by 5.9% during the 1st quarter. Vanguard Group Inc. now owns 45,933,380 shares of the oil and gas company’s stock worth $3,968,184,000 after acquiring an additional 2,547,765 shares in the last quarter. Finally, State Street Corp grew its holdings in Phillips 66 by 7.5% during the 1st quarter. State Street Corp now owns 31,814,449 shares of the oil and gas company’s stock worth $2,748,450,000 after acquiring an additional 2,206,083 shares in the last quarter. 71.42% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have recently commented on the stock. Wolfe Research lowered shares of Phillips 66 from an “outperform” rating to a “peer perform” rating in a report on Wednesday. Barclays lifted their price target on shares of Phillips 66 from $95.00 to $113.00 and gave the company an “overweight” rating in a report on Wednesday, July 6th. Credit Suisse Group lifted their price target on shares of Phillips 66 to $122.00 in a report on Thursday, June 9th. StockNews.com lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 10th. Finally, Wells Fargo & Company lifted their price objective on shares of Phillips 66 from $114.00 to $127.00 and gave the company an “overweight” rating in a research report on Tuesday, June 14th. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $107.79.
Phillips 66 Stock Down 1.4 %
Phillips 66 (NYSE:PSX – Get Rating) last released its quarterly earnings results on Friday, July 29th. The oil and gas company reported $6.77 EPS for the quarter, topping analysts’ consensus estimates of $5.92 by $0.85. Phillips 66 had a net margin of 3.59% and a return on equity of 29.60%. The company had revenue of $49.31 billion for the quarter, compared to the consensus estimate of $40.93 billion. During the same period in the previous year, the firm earned $0.74 EPS. Phillips 66’s revenue was up 76.8% on a year-over-year basis. On average, analysts forecast that Phillips 66 will post 16.22 earnings per share for the current fiscal year.
Phillips 66 Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were given a dividend of $0.97 per share. The ex-dividend date of this dividend was Wednesday, August 17th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 4.81%. Phillips 66’s dividend payout ratio (DPR) is 33.42%.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. 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.
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