State of Michigan Retirement System grew its position in shares of Phillips 66 (NYSE:PSX) by 9.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 111,502 shares of the oil and gas company’s stock after acquiring an additional 9,667 shares during the period. State of Michigan Retirement System’s holdings in Phillips 66 were worth $8,017,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of PSX. Atlas Private Wealth Management grew its holdings in shares of Phillips 66 by 6.3% during the first quarter. Atlas Private Wealth Management now owns 2,488 shares of the oil and gas company’s stock valued at $133,000 after buying an additional 147 shares during the last quarter. RMB Capital Management LLC increased its holdings in shares of Phillips 66 by 2.5% in the first quarter. RMB Capital Management LLC now owns 6,225 shares of the oil and gas company’s stock valued at $333,000 after purchasing an additional 149 shares during the period. Godshalk Welsh Capital Management Inc. raised its stake in shares of Phillips 66 by 2.3% in the first quarter. Godshalk Welsh Capital Management Inc. now owns 6,625 shares of the oil and gas company’s stock worth $355,000 after purchasing an additional 150 shares during the last quarter. Fruth Investment Management raised its stake in shares of Phillips 66 by 1.2% in the second quarter. Fruth Investment Management now owns 13,600 shares of the oil and gas company’s stock worth $977,000 after purchasing an additional 167 shares during the last quarter. Finally, Wealth Alliance Advisory Group LLC lifted its holdings in shares of Phillips 66 by 0.8% during the second quarter. Wealth Alliance Advisory Group LLC now owns 21,730 shares of the oil and gas company’s stock worth $1,562,000 after purchasing an additional 168 shares during the period. Institutional investors own 66.79% of the company’s stock.
Several brokerages have commented on PSX. Citigroup decreased their price objective on shares of Phillips 66 from $103.00 to $94.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. ValuEngine upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a research report on Monday, June 1st. Piper Sandler cut their price target on Phillips 66 from $91.00 to $87.00 and set an “overweight” rating on the stock in a research report on Friday, July 24th. Bank of America raised Phillips 66 from a “neutral” rating to a “buy” rating and set a $120.00 price objective for the company in a report on Monday, April 20th. Finally, Wells Fargo & Co downgraded Phillips 66 from an “overweight” rating to an “equal weight” rating and set a $34.00 target price on the stock. in a research note on Wednesday, July 22nd. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Phillips 66 has a consensus rating of “Buy” and a consensus price target of $83.47.
In other news, Director John E. Lowe acquired 1,500 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were bought at an average price of $68.43 per share, for a total transaction of $102,645.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gary Kramer Adams bought 1,250 shares of the stock in a transaction on Tuesday, May 5th. The shares were acquired at an average cost of $76.40 per share, for a total transaction of $95,500.00. Following the purchase, the director now owns 10,213 shares in the company, valued at $780,273.20. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 3,750 shares of company stock valued at $268,305. 0.63% of the stock is owned by company insiders.
Shares of NYSE PSX opened at $62.02 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.61 and a current ratio of 1.11. The firm has a fifty day moving average of $67.98 and a 200 day moving average of $73.22. The firm has a market cap of $27.08 billion, a PE ratio of 12.58, a PEG ratio of 6.42 and a beta of 1.60. Phillips 66 has a one year low of $40.04 and a one year high of $119.92.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 31st. The oil and gas company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.55). Phillips 66 had a return on equity of 14.90% and a net margin of 0.35%. The company had revenue of $11.18 billion for the quarter, compared to analysts’ expectations of $14.92 billion. During the same period in the prior year, the firm earned $3.02 EPS. On average, equities analysts predict that Phillips 66 will post 1.83 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Monday, August 17th. This represents a $3.60 annualized dividend and a yield of 5.80%. Phillips 66’s dividend payout ratio (DPR) is currently 44.72%.
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; provides terminaling and storage services for crude oil and 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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