First Manhattan CO. LLC. Boosts Stake in Phillips 66 (NYSE:PSX)

First Manhattan CO. LLC. increased its stake in Phillips 66 (NYSE:PSX - Free Report) by 70.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,459 shares of the oil and gas company's stock after purchasing an additional 10,926 shares during the period. First Manhattan CO. LLC.'s holdings in Phillips 66 were worth $3,014,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Phillips 66 by 283.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,026,649 shares of the oil and gas company's stock worth $686,618,000 after buying an additional 4,455,220 shares in the last quarter. Norges Bank purchased a new stake in Phillips 66 in the fourth quarter worth approximately $497,648,000. Raymond James Financial Inc. purchased a new stake in Phillips 66 in the fourth quarter worth approximately $168,790,000. Capitolis Liquid Global Markets LLC purchased a new stake in Phillips 66 in the fourth quarter worth approximately $142,185,000. Finally, Amundi boosted its stake in Phillips 66 by 25.7% in the fourth quarter. Amundi now owns 3,682,414 shares of the oil and gas company's stock worth $428,081,000 after buying an additional 753,653 shares in the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Down 1.0%

NYSE:PSX traded down $1.22 during mid-day trading on Wednesday, hitting $124.35. 3,215,097 shares of the company's stock traded hands, compared to its average volume of 2,948,490. The company has a fifty day moving average of $111.64 and a 200 day moving average of $119.22. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $150.12. The company has a market capitalization of $50.66 billion, a P/E ratio of 25.17, a P/E/G ratio of 4.84 and a beta of 1.01. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX - Get Free Report) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.97). The firm had revenue of $31.92 billion during the quarter, compared to analysts' expectations of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the previous year, the business earned $1.90 earnings per share. On average, analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Monday, May 19th will be issued a $1.20 dividend. This is a positive change from Phillips 66's previous quarterly dividend of $1.15. This represents a $4.80 annualized dividend and a yield of 3.86%. The ex-dividend date is Monday, May 19th. Phillips 66's dividend payout ratio (DPR) is presently 109.34%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PSX. Barclays increased their price objective on Phillips 66 from $106.00 to $115.00 and gave the company an "equal weight" rating in a research note on Monday. Mizuho raised their price target on Phillips 66 from $132.00 to $138.00 and gave the company a "neutral" rating in a report on Tuesday. UBS Group reduced their price target on Phillips 66 from $144.00 to $140.00 and set a "buy" rating for the company in a report on Monday, April 28th. Wells Fargo & Company reduced their price target on Phillips 66 from $162.00 to $149.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Scotiabank reduced their price objective on Phillips 66 from $136.00 to $133.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.86.

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.