CoreCap Advisors LLC purchased a new position in shares of Phillips 66 (NYSE:PSX – Get Rating) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,537 shares of the oil and gas company’s stock, valued at approximately $368,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PSX. Hallmark Capital Management Inc. grew its holdings in Phillips 66 by 62.5% during the 3rd quarter. Hallmark Capital Management Inc. now owns 325 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 125 shares in the last quarter. OLD Second National Bank of Aurora acquired a new position in shares of Phillips 66 in the 4th quarter valued at $26,000. Align Wealth Management LLC acquired a new position in shares of Phillips 66 in the 4th quarter valued at $28,000. MADDEN SECURITIES Corp acquired a new position in shares of Phillips 66 in the 4th quarter valued at $30,000. Finally, Glassy Mountain Advisors Inc. acquired a new position in shares of Phillips 66 in the 4th quarter valued at $31,000. Institutional investors and hedge funds own 70.76% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently issued reports on the stock. The Goldman Sachs Group lowered their target price on shares of Phillips 66 from $124.00 to $119.00 in a report on Friday, May 12th. UBS Group initiated coverage on shares of Phillips 66 in a report on Wednesday, March 8th. They issued a “buy” rating and a $139.00 target price for the company. Piper Sandler reduced their price target on shares of Phillips 66 from $141.00 to $127.00 in a research report on Thursday, May 18th. Royal Bank of Canada upped their price target on shares of Phillips 66 from $130.00 to $132.00 and gave the company an “outperform” rating in a research report on Wednesday, February 8th. Finally, TD Cowen reduced their price target on shares of Phillips 66 from $117.00 to $110.00 and set a “market perform” rating for the company in a research report on Friday, May 5th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Phillips 66 has an average rating of “Moderate Buy” and an average target price of $120.87.
Phillips 66 Stock Performance
Phillips 66 (NYSE:PSX – Get Rating) last announced its quarterly earnings results on Wednesday, May 3rd. The oil and gas company reported $4.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.58 by $0.63. The business had revenue of $35.09 billion during the quarter, compared to the consensus estimate of $29.76 billion. Phillips 66 had a net margin of 7.13% and a return on equity of 32.37%. During the same quarter last year, the firm posted $1.32 EPS. Equities research analysts predict that Phillips 66 will post 14.17 earnings per share for the current fiscal year.
Phillips 66 Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 22nd will be paid a $1.05 dividend. The ex-dividend date of this dividend is Friday, May 19th. This represents a $4.20 dividend on an annualized basis and a yield of 4.41%. Phillips 66’s payout ratio is 16.24%.
Phillips 66 Company Profile
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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