SCP Investment LP bought a new stake in Phillips 66 (NYSE:PSX) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,480 shares of the oil and gas company’s stock, valued at approximately $202,000. Phillips 66 makes up 0.1% of SCP Investment LP’s portfolio, making the stock its 21st biggest holding.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ninety One UK Ltd lifted its position in shares of Phillips 66 by 9.4% in the fourth quarter. Ninety One UK Ltd now owns 277,477 shares of the oil and gas company’s stock valued at $19,407,000 after acquiring an additional 23,808 shares in the last quarter. FDx Advisors Inc. lifted its position in shares of Phillips 66 by 8.0% in the first quarter. FDx Advisors Inc. now owns 36,855 shares of the oil and gas company’s stock valued at $3,005,000 after acquiring an additional 2,741 shares in the last quarter. Associated Banc Corp lifted its position in shares of Phillips 66 by 12.9% in the fourth quarter. Associated Banc Corp now owns 234,124 shares of the oil and gas company’s stock valued at $16,375,000 after acquiring an additional 26,675 shares in the last quarter. Wedbush Securities Inc. lifted its position in shares of Phillips 66 by 26.5% in the first quarter. Wedbush Securities Inc. now owns 16,874 shares of the oil and gas company’s stock valued at $1,376,000 after acquiring an additional 3,539 shares in the last quarter. Finally, RNC Capital Management LLC lifted its position in shares of Phillips 66 by 31.4% in the first quarter. RNC Capital Management LLC now owns 356,502 shares of the oil and gas company’s stock valued at $29,069,000 after acquiring an additional 85,164 shares in the last quarter. Institutional investors and hedge funds own 69.20% of the company’s stock.
A number of equities analysts recently commented on PSX shares. Zacks Investment Research upgraded Phillips 66 from a “sell” rating to a “hold” rating and set a $89.00 price objective on the stock in a research report on Thursday, March 4th. Piper Sandler downgraded Phillips 66 from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $80.00 to $85.00 in a research report on Thursday, April 1st. They noted that the move was a valuation call. Citigroup lifted their price objective on Phillips 66 from $81.00 to $99.00 in a research report on Wednesday, March 17th. Royal Bank of Canada lifted their price objective on Phillips 66 from $85.00 to $91.00 and gave the stock an “outperform” rating in a research report on Monday, May 3rd. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price objective on Phillips 66 from $91.00 to $126.00 and gave the stock a “buy” rating in a research report on Wednesday. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $85.44.
Phillips 66 (NYSE:PSX) last released its earnings results on Thursday, April 29th. The oil and gas company reported ($1.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.40) by $0.24. The firm had revenue of $21.93 billion during the quarter, compared to analysts’ expectations of $16.57 billion. Phillips 66 had a negative return on equity of 6.12% and a negative net margin of 3.22%. During the same period in the previous year, the firm posted $1.02 EPS. Research analysts forecast that Phillips 66 will post 2.73 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 1st. Shareholders of record on Monday, May 24th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 3.94%. The ex-dividend date was Friday, May 21st. Phillips 66’s dividend payout ratio (DPR) is -404.49%.
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 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.
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