Cibc World Market Inc. Grows Position in Phillips 66 $PSX

Key Points

• CIBC World Markets increased its Phillips 66 stake by 119.3% in the fourth quarter, ending with 265,842 shares worth about $34.3 million.
• Phillips 66 reported stronger-than-expected earnings, posting $0.49 per share versus the expected loss, though revenue of $32.54 billion came in below estimates.
• The company also paid a quarterly dividend of $1.27 per share, equal to an annualized yield of about 2.8%, while analysts currently rate the stock a Moderate Buy with an average target price of $191.28.

Cibc World Market Inc. grew its holdings in Phillips 66 (NYSE:PSX - Free Report) by 119.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 265,842 shares of the oil and gas company's stock after buying an additional 144,638 shares during the period. Cibc World Market Inc. owned 0.07% of Phillips 66 worth $34,304,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PSX. Oppenheimer & Co. Inc. raised its stake in Phillips 66 by 57.4% during the third quarter. Oppenheimer & Co. Inc. now owns 56,858 shares of the oil and gas company's stock worth $7,734,000 after purchasing an additional 20,742 shares during the period. First National Bank of Omaha purchased a new stake in shares of Phillips 66 in the 3rd quarter valued at approximately $2,357,000. TD Asset Management Inc increased its holdings in shares of Phillips 66 by 15.5% during the 3rd quarter. TD Asset Management Inc now owns 174,413 shares of the oil and gas company's stock worth $23,724,000 after buying an additional 23,364 shares during the last quarter. Caprock Group LLC purchased a new stake in shares of Phillips 66 during the 3rd quarter valued at approximately $2,412,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Phillips 66 by 18.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 963,629 shares of the oil and gas company's stock valued at $131,073,000 after buying an additional 148,129 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

PSX opened at $184.14 on Friday. The stock's 50-day moving average price is $172.71 and its 200 day moving average price is $155.98. Phillips 66 has a 12-month low of $111.37 and a 12-month high of $190.61. The firm has a market cap of $73.83 billion, a price-to-earnings ratio of 18.14, a PEG ratio of 0.27 and a beta of 0.68. The company has a current ratio of 1.13, a quick ratio of 0.85 and a debt-to-equity ratio of 0.63.

Phillips 66 (NYSE:PSX - Get Free Report) last released its earnings results on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share for the quarter, beating the consensus estimate of ($0.54) by $1.03. The company had revenue of $32.54 billion during the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a return on equity of 10.98% and a net margin of 2.99%.Phillips 66's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($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 firm also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a $1.27 dividend. The ex-dividend date was Monday, May 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. Phillips 66's payout ratio is 50.05%.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, Director Lisa Ann Davis sold 3,800 shares of the business's stock in a transaction on Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the completion of the transaction, the director owned 8,701 shares in the company, valued at $1,517,193.37. The trade was a 30.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Kevin J. Mitchell sold 600 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $171.56, for a total value of $102,936.00. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at $16,705,826.56. This represents a 0.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 92,229 shares of company stock valued at $15,990,030 in the last 90 days. Corporate insiders own 0.40% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on PSX. Wall Street Zen lowered Phillips 66 from a "strong-buy" rating to a "buy" rating in a research report on Saturday, May 16th. Tudor Pickering raised Phillips 66 from a "hold" rating to a "strong-buy" rating in a research note on Thursday, April 30th. Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a "buy" rating in a report on Thursday, May 14th. TD Cowen boosted their price objective on shares of Phillips 66 from $155.00 to $213.00 and gave the company a "buy" rating in a report on Wednesday, April 1st. Finally, Citigroup increased their target price on shares of Phillips 66 from $159.00 to $183.00 and gave the stock a "neutral" rating in a research note on Thursday, April 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $191.28.

Phillips 66 Company 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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