TD Asset Management Inc. increased its stake in shares of Phillips 66 (NYSE:PSX) by 4.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 276,854 shares of the oil and gas company’s stock after purchasing an additional 12,128 shares during the period. TD Asset Management Inc. owned approximately 0.06% of Phillips 66 worth $31,207,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in PSX. BlackRock Inc. grew its stake in Phillips 66 by 8.1% in the second quarter. BlackRock Inc. now owns 29,146,903 shares of the oil and gas company’s stock valued at $3,273,487,000 after acquiring an additional 2,194,280 shares during the period. FMR LLC grew its stake in Phillips 66 by 9.0% in the second quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock valued at $1,617,273,000 after acquiring an additional 1,188,567 shares during the period. Cornerstone Wealth Management LLC grew its stake in Phillips 66 by 11,191.1% in the second quarter. Cornerstone Wealth Management LLC now owns 887,030 shares of the oil and gas company’s stock valued at $8,019,000 after acquiring an additional 879,174 shares during the period. American Century Companies Inc. acquired a new position in Phillips 66 in the second quarter valued at about $89,215,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd grew its stake in Phillips 66 by 2,132.6% in the third quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 690,015 shares of the oil and gas company’s stock valued at $77,778,000 after acquiring an additional 659,108 shares during the period. 70.10% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on PSX shares. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a research note on Tuesday, September 11th. Barclays raised Phillips 66 from an “underweight” rating to an “equal weight” rating and decreased their target price for the company from $133.00 to $128.00 in a research note on Wednesday, October 3rd. ValuEngine cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Morgan Stanley boosted 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, Wells Fargo & Co boosted their target price on Phillips 66 from $137.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, October 29th. Twelve research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $121.79.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Friday, October 26th. The oil and gas company reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $2.50 by $0.60. The company had revenue of $30.59 billion for the quarter, compared to analyst estimates 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 in the previous year, the company posted $1.66 earnings per share. Analysts predict 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 issued a $0.80 dividend. The ex-dividend date is Friday, November 16th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.21%. Phillips 66’s dividend payout ratio (DPR) is 73.06%.
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About Phillips 66
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.
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