Bank of Montreal Can cut its position in shares of Phillips 66 (NYSE:PSX – Get Rating) by 16.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,119,718 shares of the oil and gas company’s stock after selling 217,525 shares during the quarter. Bank of Montreal Can owned about 0.24% of Phillips 66 worth $116,753,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bornite Capital Management LP acquired a new stake in Phillips 66 in the first quarter worth about $8,639,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in Phillips 66 by 316.2% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock worth $570,000 after purchasing an additional 5,012 shares during the period. Synovus Financial Corp boosted its stake in shares of 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 buying an additional 788 shares during the period. Cibc World Market Inc. boosted its stake in shares of 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 buying an additional 2,766 shares during the period. Finally, Blair William & Co. IL boosted its stake in shares of 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 buying an additional 27,267 shares during the period. 70.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PSX shares. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $134.00 to $127.00 and set an “overweight” rating for the company in a research note on Thursday, January 5th. StockNews.com assumed coverage on shares of Phillips 66 in a research report on Thursday, March 16th. They set a “buy” rating for the company. UBS Group assumed coverage on shares of Phillips 66 in a research report on Wednesday, March 8th. They set a “buy” rating and a $139.00 target price for the company. Royal Bank of Canada boosted their target price on shares of Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 8th. Finally, Piper Sandler cut their target price on shares of Phillips 66 from $155.00 to $137.00 and set an “overweight” rating for the company in a research report on Monday, December 19th. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $121.80.
Insiders Place Their Bets
In other Phillips 66 news, Director Gregory Hayes bought 10,250 shares of the firm’s stock in a transaction that occurred on Thursday, February 2nd. The stock was acquired at an average price of $97.75 per share, with a total value of $1,001,937.50. Following the completion of the purchase, the director now directly owns 14,299 shares of the company’s stock, valued at approximately $1,397,727.25. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.74% of the company’s stock.
Phillips 66 Price Performance
Shares of NYSE PSX traded up $3.06 during trading hours on Tuesday, hitting $99.29. 1,367,941 shares of the stock were exchanged, compared to its average volume of 3,658,172. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.17 and a current ratio of 1.38. The company has a market cap of $46.06 billion, a PE ratio of 4.19, a price-to-earnings-growth ratio of 0.32 and a beta of 1.37. The company’s fifty day simple moving average is $101.64 and its two-hundred day simple moving average is $99.85. Phillips 66 has a 1-year low of $74.02 and a 1-year high of $113.53.
Phillips 66 (NYSE:PSX – Get Rating) last issued its earnings results on Tuesday, January 31st. The oil and gas company reported $4.00 earnings per share for the quarter, missing analysts’ consensus estimates of $4.35 by ($0.35). The company had revenue of $40.91 billion during the quarter, compared to analyst estimates of $34.30 billion. Phillips 66 had a net margin of 6.27% and a return on equity of 31.20%. During the same quarter in the prior year, the business earned $2.94 EPS. On average, sell-side analysts predict that Phillips 66 will post 15.68 EPS for the current year.
Phillips 66 Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, March 1st. Shareholders of record on Tuesday, February 21st were given a dividend of $1.05 per share. The ex-dividend date was Friday, February 17th. This represents a $4.20 dividend on an annualized basis and a yield of 4.23%. This is a boost from Phillips 66’s previous quarterly dividend of $0.97. Phillips 66’s dividend payout ratio is 18.30%.
Phillips 66 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.