CIBC Asset Management Inc Increases Stock Holdings in Phillips 66 (NYSE:PSX)

CIBC Asset Management Inc grew its stake in Phillips 66 (NYSE:PSX - Free Report) by 6.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 71,833 shares of the oil and gas company's stock after purchasing an additional 4,146 shares during the period. CIBC Asset Management Inc's holdings in Phillips 66 were worth $9,442,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in PSX. Mitchell & Pahl Private Wealth LLC grew its position in Phillips 66 by 0.4% during the 2nd quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company's stock worth $2,519,000 after purchasing an additional 74 shares during the last quarter. Catalyst Financial Partners LLC boosted its stake in shares of Phillips 66 by 5.1% during the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company's stock worth $214,000 after buying an additional 74 shares during the period. Advisory Alpha LLC grew its holdings in shares of Phillips 66 by 4.8% during the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company's stock worth $233,000 after buying an additional 76 shares during the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its position in Phillips 66 by 1.8% in the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company's stock valued at $616,000 after acquiring an additional 77 shares during the period. Finally, Krane Funds Advisors LLC raised its stake in Phillips 66 by 3.6% during the 3rd quarter. Krane Funds Advisors LLC now owns 2,350 shares of the oil and gas company's stock valued at $309,000 after acquiring an additional 82 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded up $1.15 during trading on Friday, hitting $130.91. 2,275,131 shares of the company were exchanged, compared to its average volume of 2,386,360. The firm has a 50 day moving average price of $129.75 and a 200 day moving average price of $135.76. The stock has a market capitalization of $54.06 billion, a price-to-earnings ratio of 16.80, a P/E/G ratio of 4.29 and a beta of 1.33. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. Phillips 66 has a fifty-two week low of $111.90 and a fifty-two week high of $174.08.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.41. The company had revenue of $36.16 billion during the quarter, compared to analysts' expectations of $36.31 billion. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business's revenue for the quarter was down 10.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.63 earnings per share. On average, equities analysts expect that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.51%. Phillips 66's dividend payout ratio is currently 59.05%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PSX shares. Morgan Stanley cut their price target on Phillips 66 from $150.00 to $144.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. JPMorgan Chase & Co. reduced their target price on shares of Phillips 66 from $160.00 to $141.00 and set an "overweight" rating for the company in a research note on Wednesday, October 2nd. Scotiabank decreased their price target on Phillips 66 from $145.00 to $136.00 and set a "sector outperform" rating on the stock in a research note on Thursday, October 10th. UBS Group dropped their price objective on Phillips 66 from $150.00 to $138.00 and set a "buy" rating on the stock in a report on Monday, November 4th. Finally, Mizuho reduced their target price on Phillips 66 from $154.00 to $150.00 and set a "neutral" rating for the company in a report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $149.69.

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.