CIBC Asset Management Inc Purchases 4,146 Shares of Phillips 66 (NYSE:PSX)

CIBC Asset Management Inc increased its position in Phillips 66 (NYSE:PSX) by 6.1% during the third quarter, HoldingsChannel.com reports. The firm owned 71,833 shares of the oil and gas company’s stock after acquiring an additional 4,146 shares during the quarter. CIBC Asset Management Inc’s holdings in Phillips 66 were worth $9,442,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Crewe Advisors LLC purchased a new position in Phillips 66 in the 1st quarter worth about $25,000. nVerses Capital LLC purchased a new position in Phillips 66 in the 3rd quarter worth about $26,000. Bank & Trust Co purchased a new position in Phillips 66 in the 2nd quarter worth about $31,000. Values First Advisors Inc. purchased a new position in Phillips 66 in the 3rd quarter worth about $30,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Phillips 66 during the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Up 0.9 %

PSX stock opened at $130.91 on Friday. Phillips 66 has a 1-year low of $111.90 and a 1-year high of $174.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The company has a market capitalization of $54.06 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 4.26 and a beta of 1.33. The business has a 50 day simple moving average of $129.75 and a two-hundred day simple moving average of $135.76.

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, topping the consensus estimate of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same period in the prior year, the company posted $4.63 EPS. The firm’s revenue for the quarter was down 10.3% compared to the same quarter last year. Research analysts anticipate that Phillips 66 will post 7.63 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be given a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.51%. Phillips 66’s dividend payout ratio is currently 59.05%.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Morgan Stanley reduced their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. UBS Group reduced their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company reduced their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Bank of America assumed coverage on shares of Phillips 66 in a research report on Thursday, October 17th. They set a “buy” rating and a $156.00 price target for the company. Finally, Raymond James upped their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $149.69.

About Phillips 66

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.