Impax Asset Management LLC raised its stake in shares of Phillips 66 (NYSE:PSX) by 14.6% in the first quarter, HoldingsChannel.com reports. The fund owned 4,700 shares of the oil and gas company’s stock after acquiring an additional 599 shares during the period. Impax Asset Management LLC’s holdings in Phillips 66 were worth $451,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Phillips 66 by 17.9% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,883 shares of the oil and gas company’s stock valued at $259,000 after acquiring an additional 437 shares during the period. Waters Parkerson & CO. LLC lifted its holdings in shares of Phillips 66 by 14.0% during the first quarter. Waters Parkerson & CO. LLC now owns 3,584 shares of the oil and gas company’s stock valued at $344,000 after acquiring an additional 440 shares during the period. Atria Investments LLC lifted its holdings in shares of Phillips 66 by 15.2% during the first quarter. Atria Investments LLC now owns 3,364 shares of the oil and gas company’s stock valued at $323,000 after acquiring an additional 445 shares during the period. Buckley Wealth Management LLC lifted its holdings in shares of Phillips 66 by 4.0% during the first quarter. Buckley Wealth Management LLC now owns 11,780 shares of the oil and gas company’s stock valued at $1,130,000 after acquiring an additional 449 shares during the period. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Phillips 66 by 2.5% during the first quarter. Riverhead Capital Management LLC now owns 18,188 shares of the oil and gas company’s stock valued at $1,744,000 after acquiring an additional 450 shares during the period. 69.27% of the stock is owned by institutional investors.
Shares of PSX stock opened at $116.65 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.31 and a quick ratio of 0.80. The stock has a market capitalization of $55.36 billion, a P/E ratio of 26.63, a PEG ratio of 1.90 and a beta of 1.06. Phillips 66 has a 12 month low of $76.35 and a 12 month high of $122.38.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 27th. The oil and gas company reported $1.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.91 by $0.13. The firm had revenue of $24.05 billion during the quarter, compared to analyst estimates of $29.23 billion. Phillips 66 had a return on equity of 10.00% and a net margin of 4.85%. During the same period last year, the company earned $0.56 earnings per share. equities analysts anticipate that Phillips 66 will post 7.34 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 1st. Investors of record on Monday, May 21st were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 2.74%. This is a positive change from Phillips 66’s previous quarterly dividend of $0.70. The ex-dividend date was Friday, May 18th. Phillips 66’s dividend payout ratio (DPR) is presently 73.06%.
A number of brokerages have issued reports on PSX. Barclays lifted their price objective on Phillips 66 from $105.00 to $115.00 and gave the company an “underweight” rating in a report on Monday, April 30th. Argus lifted their price target on Phillips 66 to $133.00 and gave the company a “buy” rating in a report on Thursday, May 17th. JPMorgan Chase & Co. lifted their price target on Phillips 66 from $108.00 to $109.00 and gave the company a “neutral” rating in a report on Monday, April 9th. Deutsche Bank cut their price target on Phillips 66 from $106.00 to $102.00 and set a “hold” rating for the company in a report on Monday, March 19th. Finally, Citigroup lifted their price target on Phillips 66 from $92.00 to $94.00 and gave the company a “neutral” rating in a report on Tuesday, March 13th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $108.25.
In related news, VP Chukwuemeka A. Oyolu sold 6,900 shares of Phillips 66 stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $120.00, for a total value of $828,000.00. Following the completion of the sale, the vice president now directly owns 8,177 shares in the company, valued at $981,240. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.56% of the stock is owned by company insiders.
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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