iA Global Asset Management Inc. Buys New Position in Phillips 66 $PSX

iA Global Asset Management Inc. purchased a new position in shares of Phillips 66 (NYSE:PSX) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 34,170 shares of the oil and gas company’s stock, valued at approximately $6,225,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Clifford Group LLC raised its stake in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after buying an additional 64 shares during the last quarter. CYBER HORNET ETFs LLC boosted its position in Phillips 66 by 5.7% during the fourth quarter. CYBER HORNET ETFs LLC now owns 1,228 shares of the oil and gas company’s stock valued at $158,000 after acquiring an additional 66 shares during the last quarter. GHP Investment Advisors Inc. boosted its position in Phillips 66 by 2.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 3,210 shares of the oil and gas company’s stock valued at $414,000 after acquiring an additional 72 shares during the last quarter. Johnson Financial Group Inc. grew its holdings in Phillips 66 by 11.9% during the 4th quarter. Johnson Financial Group Inc. now owns 679 shares of the oil and gas company’s stock worth $88,000 after acquiring an additional 72 shares during the period. Finally, L2 Asset Management LLC grew its holdings in Phillips 66 by 4.0% during the 3rd quarter. L2 Asset Management LLC now owns 1,893 shares of the oil and gas company’s stock worth $257,000 after acquiring an additional 72 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PSX shares. UBS Group reissued a “buy” rating and issued a $212.00 price objective on shares of Phillips 66 in a research note on Monday, June 15th. Jefferies Financial Group raised their target price on Phillips 66 from $173.00 to $191.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Barclays lifted their target price on Phillips 66 from $158.00 to $177.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 8th. Wolfe Research increased their price target on Phillips 66 from $187.00 to $193.00 and gave the stock an “outperform” rating in a report on Monday, April 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Phillips 66 from $192.00 to $207.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $192.72.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $174.38 on Thursday. The business has a 50-day simple moving average of $173.78 and a 200 day simple moving average of $160.80. Phillips 66 has a one year low of $118.07 and a one year high of $190.61. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.13 and a quick ratio of 0.85. The firm has a market capitalization of $69.91 billion, a price-to-earnings ratio of 17.18, a PEG ratio of 0.24 and a beta of 0.69.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, beating 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 quarter last year, the firm posted ($0.90) earnings per share. On average, research analysts anticipate that Phillips 66 will post 18.21 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given 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 (DPR) is presently 50.05%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Kevin Omar Meyers bought 175 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were bought at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the acquisition, the director directly owned 16,799 shares of the company’s stock, valued at approximately $2,908,242.88. The trade was a 1.05% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.40% of the company’s stock.

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.