The Manufacturers Life Insurance Company Raises Stake in Phillips 66 $PSX

Key Points

• The Manufacturers Life Insurance Company has increased its stake in Phillips 66 by purchasing 1,874 shares, bringing its total ownership to 317,691 shares, valued at approximately $39.2 million.
• Phillips 66 recently announced a quarterly dividend of $1.20 per share, representing an annualized yield of 3.6%, with a payout ratio currently at 115.38%.
• Several research analysts have raised their ratings and price targets for Phillips 66, with Argus promoting it to a "strong-buy" and UBS increasing their target to $143.00.

The Manufacturers Life Insurance Company raised its stake in shares of Phillips 66 (NYSE:PSX - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 317,691 shares of the oil and gas company's stock after acquiring an additional 1,874 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Phillips 66 worth $39,228,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Nuveen LLC bought a new stake in shares of Phillips 66 during the 1st quarter worth $156,482,000. Capitolis Liquid Global Markets LLC bought a new stake in shares of Phillips 66 during the 4th quarter worth $142,185,000. GAMMA Investing LLC raised its stake in shares of Phillips 66 by 14,119.5% during the 1st quarter. GAMMA Investing LLC now owns 1,189,606 shares of the oil and gas company's stock worth $146,893,000 after purchasing an additional 1,181,240 shares during the period. Jacobs Levy Equity Management Inc. raised its stake in shares of Phillips 66 by 157.6% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock worth $175,593,000 after purchasing an additional 942,922 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Phillips 66 by 11.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company's stock worth $828,442,000 after purchasing an additional 682,459 shares during the period. 76.93% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Compass Point assumed coverage on Phillips 66 in a research note on Wednesday, June 18th. They set a "buy" rating on the stock. JPMorgan Chase & Co. set a $115.00 price objective on Phillips 66 in a research note on Wednesday, June 18th. Citigroup cut shares of Phillips 66 from a "buy" rating to a "neutral" rating and upped their price target for the company from $126.00 to $130.00 in a research note on Wednesday, July 16th. Argus upgraded shares of Phillips 66 to a "strong-buy" rating in a research note on Thursday, July 31st. Finally, Cantor Fitzgerald assumed coverage on shares of Phillips 66 in a research note on Wednesday, June 18th. They set a "neutral" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $135.60.

Phillips 66 Price Performance

Shares of NYSE PSX traded down $0.14 during midday trading on Friday, hitting $131.44. 1,731,423 shares of the company's stock were exchanged, compared to its average volume of 3,256,795. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $140.60. The company has a current ratio of 1.07, a quick ratio of 0.79 and a debt-to-equity ratio of 0.60. The company has a market cap of $53.12 billion, a price-to-earnings ratio of 31.60, a PEG ratio of 1.77 and a beta of 1.15. The business's fifty day moving average price is $126.02 and its two-hundred day moving average price is $119.49.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.59. The firm had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. During the same quarter last year, the company posted $2.31 EPS. As a group, research analysts forecast that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 19th were given a dividend of $1.20 per share. The ex-dividend date was Tuesday, August 19th. This represents a $4.80 annualized dividend and a dividend yield of 3.7%. Phillips 66's dividend payout ratio (DPR) is 115.38%.

Insider Activity

In related news, Director Michael A. Heim acquired 1,000 shares of the stock in a transaction dated Wednesday, July 30th. The shares were purchased at an average price of $125.97 per share, for a total transaction of $125,970.00. Following the transaction, the director owned 12,043 shares in the company, valued at $1,517,056.71. This represents a 9.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Brian Mandell sold 9,800 shares of the firm's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $125.00, for a total transaction of $1,225,000.00. Following the sale, the executive vice president owned 56,838 shares in the company, valued at approximately $7,104,750. This trade represents a 14.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have bought 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Phillips 66 Company Profile

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.