Oppenheimer Asset Management Inc. raised its holdings in Phillips 66 (NYSE:PSX) by 1.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 97,354 shares of the oil and gas company’s stock after acquiring an additional 1,220 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Phillips 66 were worth $10,973,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in PSX. BlackRock Inc. raised its holdings in shares of Phillips 66 by 8.1% in the 2nd quarter. BlackRock Inc. now owns 29,146,903 shares of the oil and gas company’s stock valued at $3,273,487,000 after acquiring an additional 2,194,280 shares in the last quarter. FMR LLC raised its holdings in shares of Phillips 66 by 9.0% in the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock valued at $1,617,273,000 after acquiring an additional 1,188,567 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Phillips 66 by 11,191.1% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 887,030 shares of the oil and gas company’s stock valued at $8,019,000 after acquiring an additional 879,174 shares in the last quarter. American Century Companies Inc. purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at about $89,215,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd raised its holdings in shares of Phillips 66 by 2,132.6% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 690,015 shares of the oil and gas company’s stock valued at $77,778,000 after acquiring an additional 659,108 shares in the last quarter. 69.59% of the stock is currently owned by hedge funds and other institutional investors.
PSX has been the topic of several recent analyst reports. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a report on Tuesday, September 11th. Barclays raised Phillips 66 from an “underweight” rating to an “equal weight” rating and lowered their price target for the company from $133.00 to $128.00 in a report on Wednesday, October 3rd. ValuEngine cut Phillips 66 from a “buy” rating to a “hold” rating in a report on Friday, August 17th. Morgan Stanley raised their price objective on Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, July 16th. Finally, Citigroup raised their price objective on Phillips 66 from $126.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, September 7th. Thirteen investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $119.45.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 26th. The oil and gas company reported $3.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.27 by $0.83. The business had revenue of $30.59 billion for the quarter, compared to analysts’ expectations of $28.50 billion. Phillips 66 had a return on equity of 12.87% and a net margin of 5.34%. During the same period in the previous year, the firm earned $1.66 EPS. As a group, equities analysts expect that Phillips 66 will post 8.13 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 19th will be given a $0.80 dividend. The ex-dividend date is Friday, November 16th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.22%. Phillips 66’s dividend payout ratio is currently 73.06%.
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, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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