By Defense World Staff
Gulf International Bank UK Ltd increased its stake in Phillips 66 by 0.2 per cent during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 39,295 shares of the oil and gas company’s stock after acquiring an additional 96 shares during the period. Gulf International Bank UK Ltd’s holdings in Phillips 66 were worth US$6,418,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Ables Iannone Moore & Associates Inc. purchased a new position in shares of Phillips 66 during the fourth quarter worth about US$27,000. First United Bank & Trust purchased a new position in shares of Phillips 66 during the fourth quarter worth about US$31,000. Signature Resources Capital Management LLC purchased a new position in shares of Phillips 66 during the fourth quarter worth about US$33,000. Bruce G. Allen Investments LLC purchased a new position in shares of Phillips 66 during the fourth quarter worth about US$36,000. Finally, Gladius Capital Management LP purchased a new position in shares of Phillips 66 during the fourth quarter worth about US$36,000. 76.93 per cent of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In related news, EVP Timothy D. Roberts sold 37,742 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of US$145.80, for a total transaction of US$5,502,783.60. Following the completion of the sale, the executive vice president now directly owns 48,365 shares of the company’s stock, valued at US$7,051,617. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.22 per cent of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently commented on PSX. Raymond James reduced their price objective on shares of Phillips 66 from US$163.00 to US$160.00 and set an “outperform” rating for the company in a research report on Thursday, May 30th. Argus restated a “buy” rating and issued a US$167.00 price objective on shares of Phillips 66 in a research report on Thursday, May 30th. Piper Sandler reduced their price objective on shares of Phillips 66 from US$170.00 to US$151.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. The Goldman Sachs Group raised their price objective on shares of Phillips 66 from US$152.00 to US$174.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Mizuho reduced their price objective on shares of Phillips 66 from US$162.00 to US$160.00 and set a “neutral” rating for the company in a research report on Thursday. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average target price of US$157.79.
Phillips 66 Price Performance
PSX opened at US$138.09 on Friday. The firm has a market cap of US$58.54 billion, a price-to-earnings ratio of 10.62, a price-to-earnings-growth ratio of 1.95 and a beta of 1.37. Phillips 66 has a fifty-two week low of US$89.74 and a fifty-two week high of US$174.08. The company’s 50-day moving average price is US$144.60 and its 200 day moving average price is US$144.20. The company has a quick ratio of 0.82, a current ratio of 1.17 and a debt-to-equity ratio of 0.58.
Phillips 66 last released its quarterly earnings data on Friday, April 26th. The oil and gas company reported US$1.90 earnings per share for the quarter, missing the consensus estimate of US$2.05 by (US$0.15). Phillips 66 had a return on equity of 19.19 per cent and a net margin of 3.84 per cent. The business had revenue of US$36.44 billion for the quarter, compared to analyst estimates of US$35.87 billion. During the same quarter last year, the company earned US$4.21 EPS. As a group, sell-side analysts expect that Phillips 66 will post 11.8 earnings per share for the current year.
Phillips 66 Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 3rd. Stockholders of record on Monday, May 20th were issued a US$1.15 dividend. The ex-dividend date was Friday, May 17th. This is a boost from Phillips 66’s previous quarterly dividend of US$1.05. This represents a US$4.60 annualized dividend and a dividend yield of 3.33 per cent. Phillips 66’s dividend payout ratio (DPR) is 35.38 per cent.
Phillips 66 Company 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.
