The Manufacturers Life Insurance Company Boosts Holdings in Phillips 66 (NYSE:PSX)

The Manufacturers Life Insurance Company lifted its position in Phillips 66 (NYSE:PSX - Free Report) by 1.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 315,817 shares of the oil and gas company's stock after buying an additional 4,637 shares during the period. The Manufacturers Life Insurance Company owned about 0.08% of Phillips 66 worth $35,981,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp boosted its position in Phillips 66 by 7.3% in the 4th quarter. Bank of New York Mellon Corp now owns 9,344,342 shares of the oil and gas company's stock valued at $1,064,601,000 after buying an additional 639,323 shares during the period. Geode Capital Management LLC lifted its stake in shares of Phillips 66 by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 8,530,242 shares of the oil and gas company's stock worth $968,844,000 after buying an additional 82,758 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Phillips 66 by 283.5% during 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 purchasing an additional 4,455,220 shares during the period. Norges Bank purchased a new position in shares of Phillips 66 during the fourth quarter worth $497,648,000. Finally, Invesco Ltd. grew its stake in shares of Phillips 66 by 9.2% during the fourth quarter. Invesco Ltd. now owns 4,112,618 shares of the oil and gas company's stock worth $468,551,000 after purchasing an additional 347,905 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company's stock.

Phillips 66 Trading Down 0.6 %

Shares of PSX traded down $0.62 during trading hours on Tuesday, hitting $106.28. 1,383,983 shares of the stock traded hands, compared to its average volume of 2,890,523. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $150.12. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $43.30 billion, a PE ratio of 21.52, a price-to-earnings-growth ratio of 4.84 and a beta of 1.01. The business has a fifty day moving average of $113.08 and a 200-day moving average of $119.87.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The oil and gas company reported ($0.90) EPS for the quarter, missing analysts' consensus estimates of $0.07 by ($0.97). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. The firm had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. During the same period last year, the company posted $1.90 EPS. Analysts expect 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. Stockholders of record on Monday, May 19th will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 4.52%. The ex-dividend date is Monday, May 19th. This is a boost from Phillips 66's previous quarterly dividend of $1.15. Phillips 66's dividend payout ratio is 109.34%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Mizuho decreased their price target on shares of Phillips 66 from $140.00 to $132.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler downgraded Phillips 66 from a "strong-buy" rating to a "hold" rating in a report on Friday, January 10th. The Goldman Sachs Group lowered shares of Phillips 66 from a "buy" rating to a "neutral" rating and set a $132.00 price objective for the company. in a research note on Thursday, March 27th. Raymond James reduced their target price on Phillips 66 from $150.00 to $140.00 and set an "outperform" rating for the company in a research report on Wednesday, April 9th. Finally, UBS Group reduced their target price on shares of Phillips 66 from $144.00 to $140.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $136.36.

Phillips 66 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.