CIBC Asset Management Inc Raises Position in Phillips 66 $PSX

Key Points

• CIBC Asset Management increased its Phillips 66 stake by 66.4% in the fourth quarter, owning 95,885 shares worth about $12.37 million after the purchase.
• Several other institutional investors also adjusted positions in PSX, and the stock remains heavily owned by hedge funds and institutions at 76.93% of shares outstanding.
• Analysts have turned more bullish on Phillips 66, with multiple firms raising price targets; the consensus rating is “Moderate Buy” with an average target of $191.28.

CIBC Asset Management Inc raised its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 66.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,885 shares of the oil and gas company's stock after purchasing an additional 38,266 shares during the period. CIBC Asset Management Inc's holdings in Phillips 66 were worth $12,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Board of the Pension Protection Fund bought a new stake in Phillips 66 during the 4th quarter valued at $26,000. Accordant Advisory Group Inc raised its stake in Phillips 66 by 900.0% in the 4th quarter. Accordant Advisory Group Inc now owns 200 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 180 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in shares of Phillips 66 during the 4th quarter valued at about $27,000. Stephens Consulting LLC raised its stake in shares of Phillips 66 by 67.7% during the 4th quarter. Stephens Consulting LLC now owns 223 shares of the oil and gas company's stock valued at $29,000 after buying an additional 90 shares during the last quarter. Finally, Dorato Capital Management purchased a new position in shares of Phillips 66 in the 4th quarter valued at about $35,000. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PSX has been the topic of several research analyst reports. The Goldman Sachs Group lifted their price objective on Phillips 66 from $192.00 to $207.00 and gave the stock a "neutral" rating in a report on Tuesday, May 19th. BMO Capital Markets upped their price objective on Phillips 66 from $195.00 to $215.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. JPMorgan Chase & Co. upped their price target on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Wells Fargo & Company upped their price objective on Phillips 66 from $163.00 to $201.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 31st. Finally, Barclays upped their price objective on Phillips 66 from $158.00 to $177.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $191.28.

Insider Activity at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 600 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total value of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kevin Omar Meyers purchased 175 shares of the company's stock in a transaction dated Wednesday, May 6th. The shares were acquired at an average price of $173.12 per share, for a total transaction of $30,296.00. Following the purchase, the director owned 16,799 shares in the company, valued at $2,908,242.88. The trade was a 1.05% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have sold 92,229 shares of company stock worth $15,990,030 in the last quarter. 0.40% of the stock is owned by corporate insiders.

Phillips 66 Price Performance

PSX opened at $183.30 on Friday. Phillips 66 has a fifty-two week low of $112.95 and a fifty-two week high of $190.61. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. The firm has a market cap of $73.49 billion, a price-to-earnings ratio of 18.06, a price-to-earnings-growth ratio of 0.27 and a beta of 0.68. The company's 50-day moving average price is $172.76 and its 200 day moving average price is $156.17.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 EPS for the quarter, topping the consensus estimate of ($0.54) by $1.03. The firm had revenue of $32.54 billion during the quarter, compared to analysts' expectations of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. Phillips 66's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.90) EPS. As a group, sell-side analysts expect that Phillips 66 will post 17.64 earnings per share for the current year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, May 18th. Phillips 66's dividend payout ratio is 50.05%.

Phillips 66 Profile

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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