BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 29,260 Shares of Phillips 66 (NYSE:PSX)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Phillips 66 (NYSE:PSX) by 55.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 81,954 shares of the oil and gas company’s stock after buying an additional 29,260 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Phillips 66 were worth $11,569,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in PSX. Cheviot Value Management LLC bought a new position in shares of Phillips 66 in the second quarter worth about $3,007,000. Resources Management Corp CT ADV boosted its holdings in shares of Phillips 66 by 1.1% in the second quarter. Resources Management Corp CT ADV now owns 10,556 shares of the oil and gas company’s stock valued at $1,490,000 after purchasing an additional 119 shares during the period. Bank of Montreal Can raised its position in Phillips 66 by 3.1% during the 2nd quarter. Bank of Montreal Can now owns 999,906 shares of the oil and gas company’s stock valued at $140,277,000 after purchasing an additional 29,952 shares in the last quarter. Evergreen Capital Management LLC grew its position in shares of Phillips 66 by 4.1% during the 2nd quarter. Evergreen Capital Management LLC now owns 4,496 shares of the oil and gas company’s stock worth $635,000 after buying an additional 179 shares in the last quarter. Finally, Public Sector Pension Investment Board increased its stake in shares of Phillips 66 by 3.2% during the second quarter. Public Sector Pension Investment Board now owns 73,788 shares of the oil and gas company’s stock valued at $10,417,000 after buying an additional 2,283 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

Phillips 66 Price Performance

PSX stock opened at $129.85 on Thursday. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The stock has a market cap of $55.05 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 5.26 and a beta of 1.33. The business has a fifty day moving average of $134.81 and a two-hundred day moving average of $143.38.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the business earned $3.87 earnings per share. As a group, research analysts anticipate that Phillips 66 will post 8.31 earnings per share for the current year.

Phillips 66 Dividend Announcement

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

Insider Activity

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

Analyst Ratings Changes

Several research analysts recently weighed in on PSX shares. TD Cowen dropped their target price on Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, September 11th. Barclays upped their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Piper Sandler lowered their target price on shares of Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a research note on Friday, September 20th. Wolfe Research started coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $154.21.

About Phillips 66

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.