Cypress Capital Group Buys 597 Shares of Phillips 66 (NYSE:PSX)

Cypress Capital Group increased its position in Phillips 66 (NYSE:PSX) by 0.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,300 shares of the oil and gas company’s stock after purchasing an additional 597 shares during the period. Phillips 66 makes up approximately 1.0% of Cypress Capital Group’s holdings, making the stock its 24th biggest position. Cypress Capital Group’s holdings in Phillips 66 were worth $8,584,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. raised its stake in shares of Phillips 66 by 22.5% in the first quarter. Bessemer Group Inc. now owns 54,212 shares of the oil and gas company’s stock worth $8,856,000 after purchasing an additional 9,954 shares during the last quarter. Crewe Advisors LLC bought a new stake in shares of Phillips 66 in the first quarter worth approximately $25,000. CreativeOne Wealth LLC boosted its holdings in Phillips 66 by 51.5% in the first quarter. CreativeOne Wealth LLC now owns 3,209 shares of the oil and gas company’s stock worth $524,000 after purchasing an additional 1,091 shares during the last quarter. Freestone Capital Holdings LLC grew its position in Phillips 66 by 112.3% in the 1st quarter. Freestone Capital Holdings LLC now owns 7,623 shares of the oil and gas company’s stock worth $1,245,000 after purchasing an additional 4,033 shares during the period. Finally, EP Wealth Advisors LLC raised its stake in Phillips 66 by 16.3% during the 1st quarter. EP Wealth Advisors LLC now owns 8,286 shares of the oil and gas company’s stock valued at $1,353,000 after buying an additional 1,162 shares during the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

NYSE:PSX opened at $131.41 on Thursday. The stock has a 50-day moving average price of $130.03 and a 200 day moving average price of $135.52. The stock has a market capitalization of $54.27 billion, a P/E ratio of 16.87, a P/E/G ratio of 4.29 and a beta of 1.33. Phillips 66 has a 12-month low of $114.94 and a 12-month high of $174.08. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62.

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

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a dividend yield of 3.50%. The ex-dividend date is Monday, November 18th. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on PSX shares. Barclays dropped their price target on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a research note on Monday, November 11th. Piper Sandler set a $144.00 price target on Phillips 66 in a research note on Thursday, October 17th. JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. TD Cowen dropped their price objective on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a report on Wednesday, September 11th. Finally, Raymond James increased their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus 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.