HITE Hedge Asset Management LLC acquired a new position in shares of Phillips 66 (NYSE:PSX - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 78,194 shares of the oil and gas company's stock, valued at approximately $8,909,000.
A number of other hedge funds also recently bought and sold shares of the company. Morse Asset Management Inc acquired a new stake in shares of Phillips 66 in the third quarter worth $493,000. Invst LLC increased its holdings in shares of Phillips 66 by 2.4% in the 3rd quarter. Invst LLC now owns 6,201 shares of the oil and gas company's stock valued at $815,000 after purchasing an additional 145 shares during the period. Advisory Resource Group lifted its position in shares of Phillips 66 by 4.3% in the third quarter. Advisory Resource Group now owns 241,527 shares of the oil and gas company's stock worth $31,749,000 after purchasing an additional 9,930 shares in the last quarter. World Investment Advisors LLC acquired a new stake in shares of Phillips 66 during the third quarter worth approximately $796,000. Finally, Arvest Bank Trust Division purchased a new position in Phillips 66 during the third quarter valued at approximately $1,008,000. 76.93% of the stock is owned by hedge funds and other institutional investors.
Phillips 66 Price Performance
Phillips 66 stock traded up $2.99 on Wednesday, reaching $103.89. The company's stock had a trading volume of 1,162,329 shares, compared to its average volume of 2,890,103. Phillips 66 has a twelve month low of $91.01 and a twelve month high of $159.25. The company has a market cap of $42.33 billion, a price-to-earnings ratio of 21.03, a PEG ratio of 4.84 and a beta of 1.17. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The business's fifty day moving average price is $117.31 and its 200 day moving average price is $121.80.
Phillips 66 (NYSE:PSX - Get Free Report) last announced its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the prior year, the company earned $3.09 earnings per share. Equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.
Phillips 66 Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Monday, May 19th will be issued a $1.20 dividend. This is a boost from Phillips 66's previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Monday, May 19th. This represents a $4.80 annualized dividend and a yield of 4.62%. Phillips 66's dividend payout ratio (DPR) is currently 93.12%.
Analysts Set New Price Targets
A number of research firms have issued reports on PSX. Barclays cut their target price on shares of Phillips 66 from $135.00 to $106.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. Raymond James reduced their price objective 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. Wolfe Research upgraded Phillips 66 from a "peer perform" rating to an "outperform" rating and set a $143.00 price target for the company in a report on Friday, January 3rd. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Piper Sandler downgraded shares of Phillips 66 from a "strong-buy" rating to a "hold" rating in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, Phillips 66 currently has an average rating of "Moderate Buy" and an average target price of $142.00.
Check Out Our Latest Report on Phillips 66
About Phillips 66
(
Free Report)
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.
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