CIBC Asset Management Inc raised its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 0.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,752 shares of the oil and gas company’s stock after purchasing an additional 183 shares during the period. CIBC Asset Management Inc’s holdings in Phillips 66 were worth $8,592,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of PSX. Bornite Capital Management LP bought a new position in Phillips 66 during the 1st quarter valued at approximately $8,639,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Phillips 66 by 316.2% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock valued at $570,000 after purchasing an additional 5,012 shares during the last quarter. Synovus Financial Corp raised its position in Phillips 66 by 5.1% during the 1st quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock valued at $1,405,000 after purchasing an additional 788 shares during the last quarter. Cibc World Market Inc. raised its position in Phillips 66 by 61.9% during the 1st quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock valued at $625,000 after purchasing an additional 2,766 shares during the last quarter. Finally, Blair William & Co. IL raised its position in Phillips 66 by 103.8% during the 1st quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock valued at $4,625,000 after purchasing an additional 27,267 shares during the last quarter. Institutional investors own 71.83% of the company’s stock.
Phillips 66 Price Performance
Shares of Phillips 66 stock opened at $116.66 on Thursday. The stock’s 50-day simple moving average is $108.27 and its 200-day simple moving average is $101.58. Phillips 66 has a 52 week low of $74.02 and a 52 week high of $118.77. The company has a market capitalization of $51.95 billion, a price-to-earnings ratio of 5.06, a PEG ratio of 0.41 and a beta of 1.37. The company has a quick ratio of 0.90, a current ratio of 1.33 and a debt-to-equity ratio of 0.61.
Phillips 66 Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Friday, August 18th were given a $1.05 dividend. The ex-dividend date of this dividend was Thursday, August 17th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 3.60%. Phillips 66’s dividend payout ratio is currently 18.22%.
Insider Buying and Selling
In related news, VP Joseph Scott Pruitt sold 7,000 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $117.02, for a total value of $819,140.00. Following the sale, the vice president now directly owns 6,682 shares in the company, valued at $781,927.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Phillips 66 news, EVP Timothy D. Roberts sold 127,578 shares of the business’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $116.68, for a total transaction of $14,885,801.04. Following the sale, the executive vice president now directly owns 77,313 shares of the company’s stock, valued at $9,020,880.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Joseph Scott Pruitt sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $117.02, for a total value of $819,140.00. Following the sale, the vice president now directly owns 6,682 shares in the company, valued at $781,927.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 316,878 shares of company stock worth $36,056,897. Corporate insiders own 4.57% of the company’s stock.
Wall Street Analyst Weigh In
PSX has been the subject of a number of recent analyst reports. Argus upped their price target on Phillips 66 from $125.00 to $134.00 and gave the company a “buy” rating in a research report on Monday, August 14th. StockNews.com assumed coverage on Phillips 66 in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. TD Cowen raised Phillips 66 from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $110.00 to $123.00 in a report on Thursday, June 1st. Morgan Stanley reissued an “equal weight” rating and issued a $125.00 target price on shares of Phillips 66 in a report on Wednesday, July 19th. Finally, Mizuho lifted their price objective on Phillips 66 from $118.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, August 16th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $128.53.
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.
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