OVERSEA CHINESE BANKING Corp Ltd Raises Stock Holdings in Phillips 66 (NYSE:PSX)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Phillips 66 (NYSE:PSX) by 28.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,143 shares of the oil and gas company’s stock after purchasing an additional 477 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Phillips 66 were worth $282,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PSX. GSA Capital Partners LLP bought a new position in Phillips 66 in the third quarter valued at $817,000. WCM Investment Management LLC increased its position in shares of Phillips 66 by 310.4% during the 3rd quarter. WCM Investment Management LLC now owns 9,890 shares of the oil and gas company’s stock valued at $1,296,000 after purchasing an additional 7,480 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its holdings in shares of Phillips 66 by 5.6% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 44,312 shares of the oil and gas company’s stock valued at $5,825,000 after buying an additional 2,361 shares in the last quarter. Jupiter Wealth Management LLC raised its holdings in shares of Phillips 66 by 9.3% during the 3rd quarter. Jupiter Wealth Management LLC now owns 8,154 shares of the oil and gas company’s stock valued at $1,072,000 after buying an additional 695 shares in the last quarter. Finally, Paragon Capital Management LLC lifted its position in Phillips 66 by 3.6% in the 3rd quarter. Paragon Capital Management LLC now owns 12,908 shares of the oil and gas company’s stock worth $1,697,000 after buying an additional 443 shares during the last quarter. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Price Performance

Shares of Phillips 66 stock opened at $129.92 on Thursday. The company has a market cap of $53.66 billion, a PE ratio of 16.68, a P/E/G ratio of 4.18 and a beta of 1.33. The business has a 50 day moving average of $129.73 and a 200 day moving average of $136.04. Phillips 66 has a 52 week low of $111.90 and a 52 week high of $174.08. 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 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping the consensus estimate of $1.63 by $0.41. The business had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The company’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same period in the prior year, the business earned $4.63 EPS. As a group, equities research analysts forecast that Phillips 66 will post 7.63 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a yield of 3.54%. Phillips 66’s dividend payout ratio (DPR) is presently 59.05%.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research reports. Bank of America began coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 price target on the stock. Wells Fargo & Company decreased their target price on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 9th. UBS Group cut their price target on shares of Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Scotiabank decreased their price objective on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Finally, Morgan Stanley dropped their target price on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Five analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $149.69.

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.