Allspring Global Investments Holdings LLC Boosts Holdings in Phillips 66 $PSX

Allspring Global Investments Holdings LLC lifted its stake in Phillips 66 (NYSE:PSX) by 30.5% in the 1st quarter, Holdings Channel.com reports. The firm owned 181,468 shares of the oil and gas company’s stock after buying an additional 42,454 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Phillips 66 were worth $31,873,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Phillips 66 by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 51,930,038 shares of the oil and gas company’s stock valued at $6,701,052,000 after purchasing an additional 205,480 shares in the last quarter. State Street Corp lifted its stake in shares of Phillips 66 by 0.8% in the fourth quarter. State Street Corp now owns 23,589,550 shares of the oil and gas company’s stock worth $3,043,996,000 after buying an additional 175,616 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Phillips 66 by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 10,413,824 shares of the oil and gas company’s stock valued at $1,338,596,000 after buying an additional 45,340 shares during the last quarter. Norges Bank purchased a new stake in shares of Phillips 66 during the fourth quarter valued at approximately $640,206,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Phillips 66 by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,944,561 shares of the oil and gas company’s stock valued at $509,006,000 after acquiring an additional 89,621 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the subject of a number of recent analyst reports. Raymond James Financial boosted their price objective on shares of Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. The Goldman Sachs Group increased their target price on Phillips 66 from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. lifted their target price on Phillips 66 from $188.00 to $202.00 in a report on Thursday, April 30th. Wall Street Zen cut Phillips 66 from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, Argus upped their price target on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $196.06.

Insider Activity

In other news, Director Kevin Omar Meyers purchased 175 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was acquired at an average cost of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director directly owned 16,799 shares in the company, valued at $2,908,242.88. This trade represents a 1.05% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 29,400 shares of the company’s stock in a transaction dated 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 sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $16,553,920. The trade was a 23.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 41,021 shares of company stock worth $7,195,257 over the last three months. Insiders own 0.40% of the company’s stock.

Phillips 66 Price Performance

Shares of PSX opened at $206.96 on Monday. The firm has a fifty day simple moving average of $179.03 and a two-hundred day simple moving average of $165.75. The firm has a market cap of $82.97 billion, a PE ratio of 20.39, a P/E/G ratio of 0.27 and a beta of 0.69. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63. Phillips 66 has a 1-year low of $118.07 and a 1-year high of $207.14.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results 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. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. During the same period last year, the business posted ($0.90) EPS. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts anticipate that Phillips 66 will post 19.84 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

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.