Brandywine Global Investment Management LLC bought a new stake in shares of Phillips 66 (NYSE:PSX – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 2,160 shares of the oil and gas company’s stock, valued at approximately $225,000.
A number of other large investors have also recently modified their holdings of the stock. Vise Technologies Inc. bought a new stake in shares of Phillips 66 during the 4th quarter valued at about $412,000. Argonautica Private Wealth Management Inc. bought a new stake in Phillips 66 during the fourth quarter worth about $2,372,000. Sandy Spring Bank boosted its stake in Phillips 66 by 7.4% during the fourth quarter. Sandy Spring Bank now owns 7,005 shares of the oil and gas company’s stock worth $729,000 after acquiring an additional 485 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Phillips 66 by 7.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 793,688 shares of the oil and gas company’s stock worth $82,607,000 after acquiring an additional 54,744 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in Phillips 66 by 3.8% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 339,720 shares of the oil and gas company’s stock worth $35,358,000 after acquiring an additional 12,319 shares in the last quarter. Institutional investors own 70.76% of the company’s stock.
Analysts Set New Price Targets
PSX has been the topic of several research reports. UBS Group initiated coverage on shares of Phillips 66 in a research note on Wednesday, March 8th. They set a “buy” rating and a $139.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Phillips 66 from $112.00 to $120.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 28th. The Goldman Sachs Group dropped their target price on shares of Phillips 66 from $124.00 to $119.00 in a research note on Friday, May 12th. TD Cowen dropped their target price on shares of Phillips 66 from $117.00 to $110.00 and set a “market perform” rating on the stock in a research note on Friday, May 5th. Finally, Wells Fargo & Company dropped their target price on shares of Phillips 66 from $130.00 to $120.00 in a research note on Tuesday, April 18th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.87.
Phillips 66 Price Performance
Phillips 66 (NYSE:PSX – Get Rating) last announced its quarterly earnings data on Wednesday, May 3rd. The oil and gas company reported $4.21 earnings per share for the quarter, beating analysts’ consensus estimates of $3.58 by $0.63. Phillips 66 had a net margin of 7.13% and a return on equity of 32.37%. The company had revenue of $35.09 billion during the quarter, compared to analyst estimates of $29.76 billion. During the same quarter last year, the business posted $1.32 EPS. Equities research analysts anticipate that Phillips 66 will post 14.36 earnings per share for the current year.
Phillips 66 Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 1st. Investors of record on Monday, May 22nd will be issued a dividend of $1.05 per share. The ex-dividend date is Friday, May 19th. This represents a $4.20 dividend on an annualized basis and a yield of 4.43%. Phillips 66’s payout ratio is 16.24%.
About Phillips 66
Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.
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