Varma Mutual Pension Insurance Co Boosts Stake in Phillips 66 (NYSE:PSX)

Varma Mutual Pension Insurance Co raised its position in Phillips 66 (NYSE:PSXGet Rating) by 26.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,056 shares of the oil and gas company’s stock after buying an additional 9,408 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Phillips 66 were worth $3,694,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Phillips 66 in the 1st quarter valued at about $273,000. NewEdge Wealth LLC lifted its position in shares of Phillips 66 by 30.3% during the first quarter. NewEdge Wealth LLC now owns 4,139 shares of the oil and gas company’s stock worth $358,000 after purchasing an additional 963 shares during the last quarter. Cibc World Market Inc. lifted its position in shares of Phillips 66 by 489.5% during the second quarter. Cibc World Market Inc. now owns 42,656 shares of the oil and gas company’s stock worth $3,497,000 after purchasing an additional 35,420 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Phillips 66 by 24.3% during the first quarter. EverSource Wealth Advisors LLC now owns 3,771 shares of the oil and gas company’s stock worth $326,000 after purchasing an additional 738 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Phillips 66 by 57.8% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 61,746 shares of the oil and gas company’s stock worth $5,334,000 after purchasing an additional 22,612 shares during the last quarter. 71.42% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on PSX shares. StockNews.com started coverage on shares of Phillips 66 in a research report on Wednesday, October 12th. They set a “buy” rating on the stock. The Goldman Sachs Group increased their price target on shares of Phillips 66 to $123.00 in a research report on Wednesday, November 16th. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $123.00 to $134.00 in a research note on Thursday, November 3rd. Cowen increased their price objective on shares of Phillips 66 to $115.00 in a research note on Tuesday, November 15th. Finally, Wolfe Research lowered shares of Phillips 66 from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, September 14th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $116.73.

Phillips 66 Stock Down 1.4 %

PSX stock traded down $1.58 during midday trading on Thursday, reaching $110.71. The company had a trading volume of 2,662,261 shares, compared to its average volume of 3,613,339. Phillips 66 has a 1 year low of $67.08 and a 1 year high of $113.53. The company has a current ratio of 1.30, a quick ratio of 1.06 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $52.32 billion, a P/E ratio of 5.06, a PEG ratio of 0.32 and a beta of 1.44. The company has a 50 day moving average of $95.73 and a two-hundred day moving average of $92.48.

Phillips 66 (NYSE:PSXGet Rating) last released its earnings results on Tuesday, November 1st. The oil and gas company reported $6.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.82 by $1.64. Phillips 66 had a net margin of 6.18% and a return on equity of 32.66%. During the same period in the prior year, the business posted $3.18 earnings per share. On average, equities research analysts expect that Phillips 66 will post 20.4 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be given a $0.97 dividend. The ex-dividend date is Wednesday, November 16th. This represents a $3.88 dividend on an annualized basis and a yield of 3.50%. Phillips 66’s payout ratio is 17.75%.

Insiders Place Their Bets

In other Phillips 66 news, VP Joseph Scott Pruitt sold 3,000 shares of the stock in a transaction that occurred on Friday, November 11th. The shares were sold at an average price of $111.86, for a total value of $335,580.00. Following the completion of the sale, the vice president now owns 15,302 shares in the company, valued at approximately $1,711,681.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.74% of the company’s stock.

Phillips 66 Company Profile

(Get Rating)

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 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.

Further Reading

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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