Phillips 66 (NYSE:PSX) Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its stake in Phillips 66 (NYSE:PSX) by 113.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,703 shares of the oil and gas company’s stock after buying an additional 3,030 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Phillips 66 were worth $750,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Strategic Financial Concepts LLC acquired a new position in Phillips 66 in the second quarter valued at approximately $26,000. nVerses Capital LLC purchased a new stake in Phillips 66 during the third quarter worth $26,000. Values First Advisors Inc. acquired a new stake in Phillips 66 during the third quarter valued at $30,000. Bank & Trust Co purchased a new position in Phillips 66 in the second quarter valued at $31,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Phillips 66 in the second quarter worth about $34,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Phillips 66 Stock Performance

Shares of Phillips 66 stock opened at $133.35 on Friday. 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 business’s 50 day moving average price is $130.60 and its 200 day moving average price is $135.06. The company has a market cap of $55.07 billion, a price-to-earnings ratio of 17.12, a PEG ratio of 4.40 and a beta of 1.33. Phillips 66 has a one year low of $117.74 and a one year high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 posted $4.63 earnings per share. Phillips 66’s quarterly revenue was down 10.3% on a year-over-year basis. On average, research analysts predict that Phillips 66 will post 7.57 EPS for the current year.

Phillips 66 Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on PSX shares. Wells Fargo & Company cut their price target on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. UBS Group reduced their target price on Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research note on Monday, November 4th. Morgan Stanley dropped their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Piper Sandler set a $144.00 price objective on shares of Phillips 66 in a research report on Thursday, October 17th. Finally, TD Cowen dropped their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating on the stock in a research report on Wednesday, September 11th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and a consensus target price of $149.69.

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.