Rockefeller Capital Management L.P. boosted its stake in shares of Phillips 66 (NYSE:PSX) by 175.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 84,451 shares of the oil and gas company’s stock after purchasing an additional 53,822 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Phillips 66 were worth $7,246,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of Phillips 66 by 1.5% in the 1st quarter. BlackRock Inc. now owns 33,415,052 shares of the oil and gas company’s stock valued at $2,724,666,000 after buying an additional 506,598 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Phillips 66 by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 6,349,572 shares of the oil and gas company’s stock valued at $516,117,000 after buying an additional 119,454 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Phillips 66 by 16.0% in the 1st quarter. JPMorgan Chase & Co. now owns 5,251,551 shares of the oil and gas company’s stock valued at $428,209,000 after buying an additional 725,763 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Phillips 66 by 3.4% in the 1st quarter. Nuveen Asset Management LLC now owns 3,592,702 shares of the oil and gas company’s stock valued at $292,948,000 after buying an additional 117,342 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Phillips 66 by 2.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,278,076 shares of the oil and gas company’s stock valued at $267,312,000 after buying an additional 77,366 shares in the last quarter. Hedge funds and other institutional investors own 69.06% of the company’s stock.
A number of equities analysts have recently issued reports on the stock. Cowen cut shares of Phillips 66 from an “outperform” rating to a “market perform” rating and dropped their price objective for the company from $80.00 to $73.00 in a research note on Friday, August 20th. Piper Sandler increased their price objective on shares of Phillips 66 from $89.00 to $92.00 and gave the company a “neutral” rating in a research note on Friday, July 23rd. They noted that the move was a valuation call. Barclays lowered their target price on shares of Phillips 66 from $95.00 to $88.00 and set an “overweight” rating on the stock in a report on Thursday, July 8th. Wells Fargo & Company upped their target price on shares of Phillips 66 from $96.00 to $97.00 and gave the stock an “overweight” rating in a report on Thursday, June 24th. Finally, Morgan Stanley began coverage on shares of Phillips 66 in a report on Tuesday, September 7th. They issued an “equal weight” rating and a $80.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $84.63.
Phillips 66 (NYSE:PSX) last issued its earnings results on Monday, August 2nd. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.60 by $0.14. Phillips 66 had a negative net margin of 2.05% and a negative return on equity of 3.24%. During the same period last year, the firm posted ($0.74) EPS. As a group, equities research analysts anticipate that Phillips 66 will post 1.94 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 1st. Stockholders of record on Wednesday, August 18th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 5.40%. The ex-dividend date of this dividend was Tuesday, August 17th. Phillips 66’s dividend payout ratio (DPR) is presently -404.49%.
Phillips 66 Company Profile
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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