FORA Capital LLC Takes Position in Phillips 66 (NYSE:PSX)

FORA Capital LLC bought a new position in shares of Phillips 66 (NYSE:PSX) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 80,419 shares of the oil and gas company’s stock, valued at approximately $10,571,000. Phillips 66 comprises approximately 1.2% of FORA Capital LLC’s portfolio, making the stock its 11th biggest holding.

Several other institutional investors have also modified their holdings of the business. Strategic Financial Concepts LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at approximately $26,000. nVerses Capital LLC bought a new stake in shares of Phillips 66 in the third quarter worth $26,000. Values First Advisors Inc. acquired a new stake in Phillips 66 in the third quarter valued at $30,000. Bank & Trust Co bought a new position in Phillips 66 during the 2nd quarter valued at $31,000. Finally, Opal Wealth Advisors LLC acquired a new position in Phillips 66 during the 2nd quarter worth $34,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PSX shares. JPMorgan Chase & Co. reduced their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 2nd. Piper Sandler set a $144.00 target price on Phillips 66 in a research report on Thursday, October 17th. TD Cowen dropped their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Mizuho decreased their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a report on Monday, September 16th. Finally, Scotiabank lowered their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has an average rating of “Moderate Buy” and an average target price of $149.69.

Phillips 66 Stock Performance

NYSE PSX traded up $0.23 on Wednesday, hitting $134.48. The stock had a trading volume of 305,087 shares, compared to its average volume of 2,653,831. The company’s 50-day moving average is $130.52 and its two-hundred day moving average is $135.09. Phillips 66 has a one year low of $117.74 and a one year high of $174.08. The stock has a market cap of $55.54 billion, a price-to-earnings ratio of 17.23, a P/E/G ratio of 4.40 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business’s revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $4.63 EPS. On average, analysts expect that Phillips 66 will post 7.57 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio is currently 59.05%.

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.