Quest Partners LLC Grows Stake in Phillips 66 (NYSE:PSX)

Quest Partners LLC raised its holdings in Phillips 66 (NYSE:PSX) by 324,800.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 3,249 shares of the oil and gas company’s stock after buying an additional 3,248 shares during the quarter. Quest Partners LLC’s holdings in Phillips 66 were worth $427,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Van ECK Associates Corp lifted its holdings in Phillips 66 by 263.3% in the third quarter. Van ECK Associates Corp now owns 83,278 shares of the oil and gas company’s stock worth $10,753,000 after buying an additional 60,355 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $17,670,000. M&G Plc purchased a new stake in Phillips 66 in the second quarter worth $3,596,000. Mizuho Securities USA LLC raised its holdings in Phillips 66 by 7,549.0% in the third quarter. Mizuho Securities USA LLC now owns 2,500,000 shares of the oil and gas company’s stock worth $328,625,000 after purchasing an additional 2,467,316 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in Phillips 66 by 318.9% during the first quarter. Cetera Investment Advisers now owns 142,548 shares of the oil and gas company’s stock valued at $23,284,000 after buying an additional 108,515 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on PSX shares. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research note on Wednesday, October 2nd. Raymond James raised their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. UBS Group dropped their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Barclays reduced their price objective on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. Finally, Scotiabank dropped their target price on Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Price Performance

PSX opened at $133.27 on Monday. The company’s 50-day simple moving average is $130.28 and its two-hundred day simple moving average is $135.27. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The stock has a market capitalization of $55.04 billion, a P/E ratio of 17.11, a P/E/G ratio of 4.34 and a beta of 1.33. Phillips 66 has a 52-week low of $117.32 and a 52-week high of $174.08.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, beating the consensus estimate of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The firm had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. During the same quarter in the prior year, the firm earned $4.63 EPS. The business’s revenue for the quarter was down 10.3% compared to the same quarter last year. As a group, analysts predict that Phillips 66 will post 7.57 EPS for the current year.

Phillips 66 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a $1.15 dividend. This represents a $4.60 annualized dividend and a yield of 3.45%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s dividend payout ratio is currently 59.05%.

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.