Principal Financial Group Inc. Buys 14,209 Shares of Phillips 66 (NYSE:PSX)

Principal Financial Group Inc. boosted its stake in Phillips 66 (NYSE:PSX) by 2.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 530,807 shares of the oil and gas company’s stock after acquiring an additional 14,209 shares during the quarter. Principal Financial Group Inc.’s holdings in Phillips 66 were worth $69,775,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Strategic Financial Concepts LLC bought a new position in shares of Phillips 66 in the 2nd quarter valued at $26,000. nVerses Capital LLC bought a new position in Phillips 66 in the third quarter valued at about $26,000. Values First Advisors Inc. acquired a new stake in shares of Phillips 66 during the third quarter valued at about $30,000. Kings Path Partners LLC bought a new stake in shares of Phillips 66 during the second quarter worth about $38,000. Finally, Industrial Alliance Investment Management Inc. acquired a new position in shares of Phillips 66 in the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays reduced their target price on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating on the stock in a report on Monday, November 11th. Scotiabank decreased their price objective on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Morgan Stanley cut their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. TD Cowen decreased their price target on Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research note on Wednesday, September 11th. Finally, UBS Group cut their price objective on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research note on Monday, November 4th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.00.

Phillips 66 Stock Performance

NYSE:PSX opened at $110.37 on Friday. The firm has a market capitalization of $45.58 billion, a P/E ratio of 14.17, a P/E/G ratio of 4.06 and a beta of 1.35. Phillips 66 has a twelve month low of $109.39 and a twelve month high of $174.08. The company has a fifty day moving average of $127.59 and a 200-day moving average of $132.94. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.41. The firm had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.63 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 7.56 EPS for the current year.

Phillips 66 Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Shareholders of record on Monday, November 18th were issued a $1.15 dividend. The ex-dividend date of this dividend was Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 4.17%. Phillips 66’s payout ratio is currently 59.05%.

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.