iA Global Asset Management Inc. Invests $6.22 Million in Phillips 66 $PSX

iA Global Asset Management Inc. acquired a new stake in Phillips 66 (NYSE:PSX) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 34,170 shares of the oil and gas company’s stock, valued at approximately $6,225,000.

Several other large investors also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc increased its position in shares of Phillips 66 by 113.5% during the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after buying an additional 8,783 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in shares of Phillips 66 by 17.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after buying an additional 199,646 shares in the last quarter. Munich Reinsurance Co Stock Corp in Munich bought a new position in shares of Phillips 66 in the third quarter valued at approximately $2,394,000. Truist Financial Corp grew its stake in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after acquiring an additional 10,585 shares in the last quarter. Finally, Royal Fund Management LLC increased its holdings in Phillips 66 by 20.6% during the 4th quarter. Royal Fund Management LLC now owns 53,901 shares of the oil and gas company’s stock worth $6,958,000 after acquiring an additional 9,214 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Up 3.2%

Shares of PSX stock opened at $174.38 on Thursday. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The business has a 50-day moving average price of $173.78 and a two-hundred day moving average price of $160.80. Phillips 66 has a 12-month low of $118.07 and a 12-month high of $190.61. The firm has a market cap of $69.91 billion, a P/E ratio of 17.18, a price-to-earnings-growth ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts’ expectations of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.90) EPS. Equities analysts anticipate that Phillips 66 will post 18.21 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Monday, May 18th were paid a $1.27 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $5.08 annualized dividend and a yield of 2.9%. Phillips 66’s dividend payout ratio is currently 50.05%.

Insider Buying and Selling

In other Phillips 66 news, CFO Kevin J. Mitchell sold 29,400 shares of Phillips 66 stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $170.00, for a total transaction of $4,998,000.00. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,553,920. This trade represents a 23.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kevin Omar Meyers acquired 175 shares of the stock in a transaction dated Wednesday, May 6th. The stock was acquired at an average price of $173.12 per share, with a total value of $30,296.00. Following the completion of the acquisition, the director owned 16,799 shares in the company, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The SEC filing for this purchase provides additional information. 0.40% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PSX. Wells Fargo & Company upped their price target on shares of Phillips 66 from $163.00 to $201.00 and gave the stock an “overweight” rating in a report on Tuesday, March 31st. Zacks Research raised Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Monday, April 27th. Raymond James Financial lifted their price target on Phillips 66 from $215.00 to $218.00 and gave the company an “outperform” rating in a research report on Wednesday, June 10th. Barclays upped their price objective on shares of Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 8th. Finally, BMO Capital Markets raised their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $192.72.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.