Bank of Nova Scotia raised its position in Phillips 66 (NYSE:PSX) by 145.4% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 299,701 shares of the oil and gas company’s stock after acquiring an additional 177,556 shares during the period. Bank of Nova Scotia owned about 0.06% of Phillips 66 worth $33,659,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. lifted its stake in Phillips 66 by 8.1% in the 2nd quarter. BlackRock Inc. now owns 29,146,903 shares of the oil and gas company’s stock valued at $3,273,487,000 after acquiring an additional 2,194,280 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC lifted its stake in Phillips 66 by 1.6% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,617,647 shares of the oil and gas company’s stock valued at $1,402,124,000 after acquiring an additional 230,582 shares in the last quarter. FMR LLC lifted its stake in Phillips 66 by 9.0% in the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock valued at $1,617,273,000 after acquiring an additional 1,188,567 shares in the last quarter. Northern Trust Corp lifted its stake in Phillips 66 by 3.2% in the 1st quarter. Northern Trust Corp now owns 5,284,878 shares of the oil and gas company’s stock valued at $506,926,000 after acquiring an additional 164,143 shares in the last quarter. Finally, Aristotle Capital Management LLC lifted its stake in Phillips 66 by 7.3% in the 1st quarter. Aristotle Capital Management LLC now owns 3,855,668 shares of the oil and gas company’s stock valued at $369,836,000 after acquiring an additional 263,546 shares in the last quarter. Hedge funds and other institutional investors own 69.48% of the company’s stock.
PSX stock opened at $112.81 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44. The company has a market cap of $52.07 billion, a P/E ratio of 25.94, a price-to-earnings-growth ratio of 1.68 and a beta of 0.99. Phillips 66 has a 1-year low of $87.50 and a 1-year high of $123.97.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 27th. The oil and gas company reported $2.80 earnings per share for the quarter, topping analysts’ consensus estimates of $2.16 by $0.64. The business had revenue of $29.74 billion for the quarter, compared to analyst estimates of $29.40 billion. Phillips 66 had a return on equity of 12.87% and a net margin of 5.34%. During the same period in the previous year, the firm earned $1.09 EPS. equities analysts forecast that Phillips 66 will post 7.92 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Monday, August 20th. Phillips 66’s payout ratio is presently 73.06%.
Several research analysts have weighed in on PSX shares. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $128.00 price target on the stock in a research report on Tuesday, September 11th. ValuEngine lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Friday, August 17th. Morgan Stanley boosted their price target on Phillips 66 from $135.00 to $140.00 and gave the stock an “equal weight” rating in a research report on Monday, July 16th. Credit Suisse Group boosted their price target on Phillips 66 from $115.00 to $127.00 and gave the stock a “neutral” rating in a research report on Monday, June 4th. Finally, Wells Fargo & Co raised Phillips 66 from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 29th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $113.86.
Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. 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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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