Commerce Bank boosted its stake in shares of Phillips 66 (NYSE:PSX) by 2.5% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,412 shares of the oil and gas company’s stock after buying an additional 2,101 shares during the period. Commerce Bank’s holdings in Phillips 66 were worth $9,853,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. Sei Investments Co. increased its position in Phillips 66 by 14.7% during the 2nd quarter. Sei Investments Co. now owns 152,841 shares of the oil and gas company’s stock valued at $17,166,000 after buying an additional 19,537 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in Phillips 66 by 17.3% during the 2nd quarter. First Republic Investment Management Inc. now owns 130,687 shares of the oil and gas company’s stock valued at $14,678,000 after purchasing an additional 19,279 shares during the last quarter. IFM Investors Pty Ltd boosted its stake in Phillips 66 by 16.4% during the 3rd quarter. IFM Investors Pty Ltd now owns 23,215 shares of the oil and gas company’s stock valued at $2,617,000 after purchasing an additional 3,268 shares during the last quarter. Bank of Nova Scotia boosted its stake in Phillips 66 by 145.4% during the 2nd quarter. Bank of Nova Scotia now owns 299,701 shares of the oil and gas company’s stock valued at $33,659,000 after purchasing an additional 177,556 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in Phillips 66 by 4.2% during the 2nd quarter. Northern Trust Corp now owns 5,506,365 shares of the oil and gas company’s stock valued at $618,420,000 after purchasing an additional 221,487 shares during the last quarter. 70.10% of the stock is owned by institutional investors.
Several brokerages have commented on PSX. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a research note on Wednesday, August 1st. Mizuho began coverage on Phillips 66 in a research note on Wednesday, August 1st. They set a “neutral” rating and a $124.00 target price on the stock. JPMorgan Chase & Co. upgraded Phillips 66 from a “neutral” rating to an “overweight” rating and set a $138.00 target price on the stock in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Morgan Stanley increased their target price on Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a research note on Monday, July 16th. Finally, Raymond James cut their target price on Phillips 66 from $139.00 to $135.00 and set an “outperform” rating on the stock in a research note on Monday, October 29th. Twelve investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $121.79.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, October 26th. The oil and gas company reported $3.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.50 by $0.60. The firm had revenue of $30.59 billion for the quarter, compared to the consensus estimate of $28.50 billion. Phillips 66 had a return on equity of 14.97% and a net margin of 5.72%. During the same period last year, the business posted $1.66 EPS. On average, equities research analysts expect that Phillips 66 will post 8.61 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 19th will be paid a $0.80 dividend. The ex-dividend date of this dividend is Friday, November 16th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.17%. Phillips 66’s dividend payout ratio (DPR) is currently 73.06%.
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Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
Further Reading: Understanding Price to Earnings Ratio (PE)
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