Norges Bank Acquires Shares of 4,368,016 Phillips 66 (NYSE:PSX)

Norges Bank acquired a new stake in shares of Phillips 66 (NYSE:PSX) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 4,368,016 shares of the oil and gas company’s stock, valued at approximately $497,648,000.

Other institutional investors also recently modified their holdings of the company. Oppenheimer & Co. Inc. raised its holdings in Phillips 66 by 10.6% during the fourth quarter. Oppenheimer & Co. Inc. now owns 46,953 shares of the oil and gas company’s stock worth $5,349,000 after buying an additional 4,515 shares during the last quarter. Flavin Financial Services Inc. acquired a new stake in shares of Phillips 66 in the 4th quarter worth about $1,190,000. Everence Capital Management Inc. bought a new position in Phillips 66 in the 4th quarter valued at about $3,033,000. Donoghue Forlines LLC acquired a new position in Phillips 66 during the 4th quarter valued at about $1,438,000. Finally, Smith Group Asset Management LLC bought a new stake in Phillips 66 during the 4th quarter worth approximately $1,149,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Performance

Shares of PSX opened at $121.67 on Friday. Phillips 66 has a 1 year low of $108.91 and a 1 year high of $174.08. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83. The stock’s fifty day moving average price is $124.76 and its two-hundred day moving average price is $125.52. The firm has a market cap of $49.60 billion, a PE ratio of 24.63, a PEG ratio of 4.84 and a beta of 1.31.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same period in the prior year, the firm earned $3.09 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.78%. The ex-dividend date of this dividend was Monday, February 24th. Phillips 66’s dividend payout ratio (DPR) is presently 93.12%.

Analyst Ratings Changes

PSX has been the topic of a number of recent research reports. Mizuho dropped their target price on Phillips 66 from $150.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, December 16th. Piper Sandler cut Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note 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 target price for the company. in a research note on Thursday. Barclays raised their price target on shares of Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Finally, Wells Fargo & Company upped their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus price target of $146.43.

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.