OVERSEA CHINESE BANKING Corp Ltd Purchases 477 Shares of Phillips 66 (NYSE:PSX)

OVERSEA CHINESE BANKING Corp Ltd lifted its position in shares of Phillips 66 (NYSE:PSX) by 28.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,143 shares of the oil and gas company’s stock after purchasing an additional 477 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Phillips 66 were worth $282,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Crewe Advisors LLC purchased a new position in shares of Phillips 66 in the 1st quarter worth approximately $25,000. Strategic Financial Concepts LLC purchased a new position in Phillips 66 in the second quarter worth $26,000. nVerses Capital LLC bought a new position in Phillips 66 in the 3rd quarter valued at $26,000. Values First Advisors Inc. purchased a new stake in shares of Phillips 66 during the 3rd quarter valued at $30,000. Finally, Bank & Trust Co bought a new stake in shares of Phillips 66 during the 2nd quarter worth $31,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Stock Up 1.7 %

Shares of NYSE PSX opened at $129.92 on Thursday. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The company has a market cap of $53.66 billion, a P/E ratio of 16.68, a P/E/G ratio of 4.18 and a beta of 1.33. Phillips 66 has a 52 week low of $111.90 and a 52 week high of $174.08. The business has a 50-day simple moving average of $129.73 and a two-hundred day simple moving average of $136.04.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. Phillips 66’s revenue was down 10.3% compared to the same quarter last year. During the same period last year, the business earned $4.63 earnings per share. Research analysts anticipate that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a dividend of $1.15 per share. The ex-dividend date is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is currently 59.05%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PSX. Bank of America assumed coverage on shares of Phillips 66 in a research report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target for the company. Wolfe Research initiated coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. TD Cowen dropped their price objective on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. JPMorgan Chase & Co. decreased their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Raymond James boosted their target price on Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average target price of $149.69.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined 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.