Canada Pension Plan Investment Board reduced its holdings in Phillips 66 (NYSE:PSX) by 19.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 178,510 shares of the oil and gas company’s stock after selling 42,912 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Phillips 66 were worth $16,698,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in PSX. Montecito Bank & Trust boosted its stake in Phillips 66 by 4.1% in the 2nd quarter. Montecito Bank & Trust now owns 2,679 shares of the oil and gas company’s stock worth $250,000 after purchasing an additional 105 shares during the period. AGF Investments LLC raised its position in Phillips 66 by 30.5% during the second quarter. AGF Investments LLC now owns 458 shares of the oil and gas company’s stock valued at $43,000 after buying an additional 107 shares during the period. Certified Advisory Corp raised its position in Phillips 66 by 17.5% during the second quarter. Certified Advisory Corp now owns 738 shares of the oil and gas company’s stock valued at $69,000 after buying an additional 110 shares during the period. First National Bank of Hutchinson raised its position in Phillips 66 by 2.8% during the second quarter. First National Bank of Hutchinson now owns 4,128 shares of the oil and gas company’s stock valued at $424,000 after buying an additional 112 shares during the period. Finally, Securian Asset Management Inc lifted its stake in Phillips 66 by 0.3% in the 2nd quarter. Securian Asset Management Inc now owns 43,029 shares of the oil and gas company’s stock worth $4,025,000 after acquiring an additional 115 shares in the last quarter. 68.82% of the stock is owned by institutional investors and hedge funds.
Shares of PSX stock opened at $102.96 on Wednesday. Phillips 66 has a fifty-two week low of $78.44 and a fifty-two week high of $119.14. The stock’s 50-day moving average is $99.46 and its two-hundred day moving average is $94.55. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 0.82. The firm has a market cap of $45.83 billion, a P/E ratio of 8.79, a PEG ratio of 2.05 and a beta of 1.08.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, July 26th. The oil and gas company reported $3.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.32. Phillips 66 had a return on equity of 19.75% and a net margin of 4.76%. The business had revenue of $28.52 billion during the quarter, compared to analyst estimates of $29.89 billion. During the same period in the previous year, the company earned $2.80 EPS. As a group, research analysts expect that Phillips 66 will post 7.67 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 3.50%. The ex-dividend date was Monday, August 19th. Phillips 66’s payout ratio is presently 30.74%.
Several equities analysts have weighed in on PSX shares. ValuEngine cut Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Macquarie began coverage on shares of Phillips 66 in a research report on Thursday, September 5th. They issued an “outperform” rating for the company. Citigroup upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating in a report on Friday, June 21st. Scotiabank began coverage on shares of Phillips 66 in a research report on Tuesday, September 3rd. They set an “outperform” rating on the stock. Finally, Cowen boosted their price objective on shares of Phillips 66 from $112.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $115.55.
Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market; provides terminaling and storage services for crude oil and 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.
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