Canada Pension Plan Investment Board Increases Position in Phillips 66 (NYSE:PSX)

Canada Pension Plan Investment Board raised its position in shares of Phillips 66 (NYSE:PSX) by 574.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 443,044 shares of the oil and gas company’s stock after buying an additional 377,314 shares during the period. Canada Pension Plan Investment Board owned about 0.11% of Phillips 66 worth $62,545,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Crewe Advisors LLC purchased a new position in Phillips 66 during the 1st quarter valued at about $25,000. Keener Financial Planning LLC purchased a new position in shares of Phillips 66 in the first quarter valued at approximately $26,000. Redmont Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the first quarter valued at approximately $28,000. Ruedi Wealth Management Inc. increased its stake in Phillips 66 by 102.1% during the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after buying an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. acquired a new stake in Phillips 66 during the 4th quarter worth approximately $27,000. 76.93% of the stock is owned by institutional investors and hedge funds.

Phillips 66 Stock Down 1.9 %

Shares of NYSE PSX opened at $129.97 on Friday. The business has a 50-day moving average price of $135.20 and a 200 day moving average price of $143.67. The stock has a market cap of $55.10 billion, a PE ratio of 10.00, a price-to-earnings-growth ratio of 4.67 and a beta of 1.33. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The company’s revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.87 earnings per share. Equities research analysts forecast that Phillips 66 will post 9.1 earnings per share for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Tuesday, August 20th were issued a $1.15 dividend. The ex-dividend date was Tuesday, August 20th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s payout ratio is 35.38%.

Insider Transactions at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of a number of recent research reports. Wolfe Research began coverage on Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Barclays increased their price target on Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Piper Sandler lowered their price objective on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a research report on Friday. Wells Fargo & Company raised their target price on shares of Phillips 66 from $176.00 to $182.00 and gave the company an “overweight” rating in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. lowered their price target on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a report on Tuesday, July 2nd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $154.21.

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.