CIBC Asset Management Inc Acquires 4,146 Shares of Phillips 66 (NYSE:PSX)

CIBC Asset Management Inc raised its holdings in Phillips 66 (NYSE:PSX) by 6.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 71,833 shares of the oil and gas company’s stock after buying 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.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC purchased a new stake in shares of Phillips 66 in the first quarter valued at about $25,000. Strategic Financial Concepts LLC bought a new position in Phillips 66 during the second quarter worth about $26,000. nVerses Capital LLC bought a new position in Phillips 66 during the third quarter worth about $26,000. Values First Advisors Inc. bought a new position in Phillips 66 during the third quarter worth about $30,000. Finally, Bank & Trust Co bought a new position in Phillips 66 during the second quarter worth about $31,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PSX. Mizuho cut their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research report on Monday, September 16th. Wells Fargo & Company decreased their price target on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Piper Sandler set a $144.00 price target on shares of Phillips 66 in a research note on Thursday, October 17th. Raymond James lifted their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 31st. Finally, TD Cowen decreased their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Five investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Stock Performance

Shares of PSX stock opened at $130.91 on Friday. Phillips 66 has a 12 month low of $111.90 and a 12 month high of $174.08. The stock has a market cap of $54.06 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 4.26 and a beta of 1.33. 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 company’s fifty day moving average price is $129.75 and its 200-day moving average price is $135.76.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same quarter in the previous year, the business posted $4.63 EPS. The company’s quarterly revenue was down 10.3% on a year-over-year basis. On average, equities analysts expect that Phillips 66 will post 7.63 EPS 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. Investors of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is 59.05%.

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.