IFM Investors Pty Ltd Boosts Stock Holdings in Phillips 66 $PSX

IFM Investors Pty Ltd boosted its stake in shares of Phillips 66 (NYSE:PSX) by 7.6% during the first quarter, HoldingsChannel.com reports. The firm owned 67,621 shares of the oil and gas company’s stock after acquiring an additional 4,766 shares during the period. IFM Investors Pty Ltd’s holdings in Phillips 66 were worth $8,350,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Elliott Investment Management L.P. raised its stake in Phillips 66 by 1,929.0% during the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock worth $1,941,723,000 after purchasing an additional 14,950,000 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares during the period. Invesco Ltd. raised its stake in Phillips 66 by 15.9% during the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after purchasing an additional 653,248 shares during the period. Goldman Sachs Group Inc. raised its stake in Phillips 66 by 11.1% during the first quarter. Goldman Sachs Group Inc. now owns 3,781,064 shares of the oil and gas company’s stock worth $466,886,000 after purchasing an additional 377,132 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Phillips 66 by 3.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,103,316 shares of the oil and gas company’s stock worth $383,197,000 after purchasing an additional 100,321 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Piper Sandler reiterated a “neutral” rating and set a $145.00 price objective (up from $144.00) on shares of Phillips 66 in a research note on Monday, August 4th. Bank of America downgraded shares of Phillips 66 from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $144.00 to $147.00 in a research note on Wednesday, September 3rd. Wells Fargo & Company decreased their price objective on shares of Phillips 66 from $149.00 to $147.00 and set an “overweight” rating for the company in a research note on Wednesday, June 11th. Scotiabank reiterated a “sector perform” rating and set a $133.00 price objective on shares of Phillips 66 in a research note on Friday, July 11th. Finally, JPMorgan Chase & Co. set a $115.00 price objective on shares of Phillips 66 in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $135.80.

Phillips 66 Stock Performance

Phillips 66 stock opened at $131.35 on Thursday. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The company has a market capitalization of $53.08 billion, a price-to-earnings ratio of 31.57, a price-to-earnings-growth ratio of 2.06 and a beta of 1.15. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The firm’s fifty day moving average price is $126.75 and its 200 day moving average price is $119.52.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 25th. The oil and gas company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The firm had revenue of $33.77 billion for the quarter, compared to the consensus estimate of $32.11 billion. During the same quarter in the previous year, the firm posted $2.31 EPS. On average, research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 19th were paid a dividend of $1.20 per share. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $4.80 annualized dividend and a yield of 3.7%. Phillips 66’s payout ratio is 115.38%.

Insider Activity

In other news, EVP Brian Mandell sold 9,800 shares of the stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the completion of the transaction, the executive vice president directly owned 56,838 shares in the company, valued at approximately $7,104,750. This represents a 14.71% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $135.00, for a total value of $593,055.00. Following the transaction, the executive vice president owned 38,980 shares of the company’s stock, valued at approximately $5,262,300. This trade represents a 10.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have bought 9,850 shares of company stock worth $1,188,910 and have sold 18,586 shares worth $2,389,145. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 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.