USS Investment Management Ltd Grows Stock Position in Phillips 66 (NYSE:PSX)

USS Investment Management Ltd increased its holdings in Phillips 66 (NYSE:PSX - Free Report) by 200.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,794 shares of the oil and gas company's stock after acquiring an additional 77,194 shares during the quarter. USS Investment Management Ltd's holdings in Phillips 66 were worth $13,190,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PSX. Price T Rowe Associates Inc. MD increased its holdings in shares of Phillips 66 by 283.5% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock valued at $686,618,000 after acquiring an additional 4,455,220 shares during the period. Norges Bank acquired a new position in Phillips 66 in the 4th quarter valued at $497,648,000. Raymond James Financial Inc. acquired a new position in Phillips 66 in the 4th quarter valued at $168,790,000. Capitolis Liquid Global Markets LLC acquired a new position in Phillips 66 in the 4th quarter valued at $142,185,000. Finally, Jacobs Levy Equity Management Inc. increased its stake in Phillips 66 by 157.6% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,541,240 shares of the oil and gas company's stock valued at $175,593,000 after buying an additional 942,922 shares during the period. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Price Performance

Shares of NYSE:PSX traded up $0.15 on Friday, reaching $113.13. 2,248,680 shares of the company were exchanged, compared to its average volume of 2,996,355. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The firm has a market cap of $46.09 billion, a price-to-earnings ratio of 22.90, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The company has a 50-day moving average of $110.60 and a 200-day moving average of $119.07.

Phillips 66 (NYSE:PSX - Get Free Report) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. The company had revenue of $31.92 billion for the quarter, compared to analyst estimates of $31.93 billion. During the same period last year, the company earned $1.90 earnings per share. Equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be given a $1.20 dividend. The ex-dividend date of this dividend is Monday, May 19th. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a dividend yield of 4.24%. Phillips 66's payout ratio is currently 109.34%.

Analysts Set New Price Targets

Several brokerages have issued reports on PSX. Mizuho boosted their price objective on shares of Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a research note on Tuesday, May 13th. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $138.00 to $131.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 29th. Barclays boosted their price objective on shares of Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. TD Cowen boosted their price objective on shares of Phillips 66 from $114.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, May 13th. Finally, Scotiabank dropped their price objective on shares of Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating on the stock in a research note on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Phillips 66 has a consensus rating of "Moderate Buy" and a consensus target price of $137.86.

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.