State Board of Administration of Florida Retirement System reduced its position in Phillips 66 (NYSE:PSX) by 1.4% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 622,948 shares of the oil and gas company’s stock after selling 8,911 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Phillips 66 were worth $70,219,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of PSX. BlackRock Inc. lifted its holdings in shares of 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 worth $3,273,487,000 after purchasing an additional 2,194,280 shares in the last quarter. FMR LLC lifted its holdings in shares of 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 worth $1,617,273,000 after purchasing an additional 1,188,567 shares in the last quarter. Cornerstone Wealth Management LLC lifted its holdings in shares of Phillips 66 by 11,191.1% in the 2nd quarter. Cornerstone Wealth Management LLC now owns 887,030 shares of the oil and gas company’s stock worth $8,019,000 after purchasing an additional 879,174 shares in the last quarter. American Century Companies Inc. bought a new position in shares of Phillips 66 in the 2nd quarter worth $89,215,000. Finally, MERIAN GLOBAL INVESTORS UK Ltd lifted its holdings in shares of Phillips 66 by 2,132.6% in the 3rd quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 690,015 shares of the oil and gas company’s stock worth $77,778,000 after purchasing an additional 659,108 shares in the last quarter. Institutional investors own 69.67% of the company’s stock.
Shares of NYSE:PSX opened at $99.01 on Friday. The company has a current ratio of 1.28, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. Phillips 66 has a 1-year low of $89.14 and a 1-year high of $123.97. The firm has a market cap of $47.41 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 1.40 and a beta of 0.99.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 26th. The oil and gas company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.60. Phillips 66 had a return on equity of 14.97% and a net margin of 5.72%. The business had revenue of $30.59 billion for the quarter, compared to analysts’ expectations of $28.50 billion. During the same period last year, the business earned $1.66 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 8.61 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, November 19th will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 3.23%. The ex-dividend date of this dividend is Friday, November 16th. Phillips 66’s dividend payout ratio (DPR) is presently 73.06%.
A number of equities analysts recently issued reports on the company. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a report on Wednesday, August 1st. JPMorgan Chase & Co. upgraded Phillips 66 from a “neutral” rating to an “overweight” rating and set a $138.00 target price on the stock in a report on Tuesday. They noted that the move was a valuation call. Mizuho assumed coverage on Phillips 66 in a report on Wednesday, August 1st. They issued a “neutral” rating and a $124.00 target price on the stock. Morgan Stanley increased their target price on Phillips 66 from $135.00 to $140.00 and gave the stock an “equal weight” rating in a report on Monday, July 16th. Finally, Raymond James cut their target price on Phillips 66 from $139.00 to $135.00 and set an “outperform” rating on the stock in a report on Monday, October 29th. Twelve research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $121.79.
About Phillips 66
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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