Phillips 66 $PSX Stock Holdings Lowered by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lessened its position in Phillips 66 (NYSE:PSX) by 32.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 121,078 shares of the oil and gas company’s stock after selling 58,552 shares during the period. CIBC Private Wealth Group LLC’s holdings in Phillips 66 were worth $16,469,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC grew its position in Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after buying an additional 10,089 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Phillips 66 by 20.5% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 5,497 shares of the oil and gas company’s stock valued at $656,000 after buying an additional 937 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Phillips 66 by 2.3% during the second quarter. Cetera Investment Advisers now owns 141,627 shares of the oil and gas company’s stock worth $16,896,000 after buying an additional 3,210 shares during the period. Finally, Nomura Asset Management Co. Ltd. grew its holdings in Phillips 66 by 3.4% in the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 144,195 shares of the oil and gas company’s stock worth $17,202,000 after buying an additional 4,725 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Scotiabank restated a “sector perform” rating and issued a $140.00 target price on shares of Phillips 66 in a research report on Friday, January 16th. Zacks Research lowered Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. JPMorgan Chase & Co. lowered their price target on Phillips 66 from $154.00 to $151.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Argus lifted their price objective on shares of Phillips 66 from $152.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, February 10th. Finally, UBS Group reaffirmed a “buy” rating and issued a $172.00 price objective on shares of Phillips 66 in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $162.33.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 16,856 shares of the company’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $168.22, for a total value of $2,835,516.32. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at approximately $16,380,590.72. This represents a 14.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction dated Friday, March 13th. The shares were sold at an average price of $174.37, for a total transaction of $662,606.00. Following the transaction, the director owned 8,701 shares of the company’s stock, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 84,688 shares of company stock valued at $14,066,145 in the last quarter. 0.22% of the stock is owned by company insiders.

Phillips 66 Stock Performance

PSX opened at $178.21 on Friday. The business has a 50 day moving average price of $154.21 and a two-hundred day moving average price of $141.22. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.30 and a quick ratio of 0.91. The company has a market capitalization of $71.42 billion, a price-to-earnings ratio of 16.47, a price-to-earnings-growth ratio of 0.60 and a beta of 0.86. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $179.02.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported $2.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.32. Phillips 66 had a return on equity of 9.13% and a net margin of 3.22%.The company had revenue of $32.16 billion for the quarter, compared to analysts’ expectations of $33.81 billion. During the same period last year, the firm earned ($0.15) EPS. Research analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 4th. Investors of record on Monday, February 23rd were issued a dividend of $1.27 per share. The ex-dividend date of this dividend was Monday, February 23rd. This is an increase from Phillips 66’s previous quarterly dividend of $1.20. This represents a $5.08 dividend on an annualized basis and a yield of 2.9%. Phillips 66’s dividend payout ratio is presently 46.95%.

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.