Old Port Advisors Boosts Position in Phillips 66 (NYSE:PSX)

Old Port Advisors raised its stake in shares of Phillips 66 (NYSE:PSX) by 8.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,650 shares of the oil and gas company’s stock after buying an additional 132 shares during the quarter. Old Port Advisors’ holdings in Phillips 66 were worth $233,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Phillips 66 by 4.0% during the 1st quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after buying an additional 1,578,669 shares in the last quarter. Wellington Management Group LLP grew its holdings in Phillips 66 by 20.3% during the 4th quarter. Wellington Management Group LLP now owns 10,903,130 shares of the oil and gas company’s stock valued at $1,451,643,000 after buying an additional 1,842,226 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Phillips 66 by 38.0% during the 1st quarter. Bank of New York Mellon Corp now owns 8,019,795 shares of the oil and gas company’s stock valued at $1,309,954,000 after buying an additional 2,209,043 shares in the last quarter. Boston Partners grew its holdings in Phillips 66 by 41.4% during the 1st quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after buying an additional 1,595,722 shares in the last quarter. Finally, Norges Bank purchased a new position in Phillips 66 during the 4th quarter valued at about $559,435,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Up 0.2 %

Shares of NYSE PSX traded up $0.24 during trading on Friday, reaching $138.92. The company had a trading volume of 1,644,456 shares, compared to its average volume of 2,649,109. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08. The stock has a market cap of $58.90 billion, a PE ratio of 10.69, a P/E/G ratio of 2.37 and a beta of 1.34. The business’s 50-day moving average is $138.18 and its 200 day moving average is $145.93. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. During the same period last year, the firm posted $3.87 earnings per share. Phillips 66’s revenue was up 8.9% compared to the same quarter last year. As a group, equities analysts forecast that Phillips 66 will post 9.53 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a dividend of $1.15 per share. The ex-dividend date is Tuesday, August 20th. This represents a $4.60 annualized dividend and a dividend yield of 3.31%. Phillips 66’s dividend payout ratio (DPR) is presently 35.38%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on PSX shares. Mizuho cut their price objective on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating for the company in a report on Thursday, June 20th. Raymond James boosted their price objective on Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Piper Sandler cut their price objective on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a report on Friday, June 14th. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a report on Monday, May 6th. Finally, Scotiabank cut their price objective on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $157.38.

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.