Bank of Nova Scotia Acquires 136,485 Shares of Phillips 66 (NYSE:PSX)

Bank of Nova Scotia increased its stake in shares of Phillips 66 (NYSE:PSX) by 130.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 240,851 shares of the oil and gas company’s stock after buying an additional 136,485 shares during the quarter. Bank of Nova Scotia owned 0.06% of Phillips 66 worth $27,440,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Morse Asset Management Inc bought a new stake in shares of Phillips 66 in the third quarter valued at about $493,000. Nomura Asset Management Co. Ltd. grew its position in shares of Phillips 66 by 3.3% in the third quarter. Nomura Asset Management Co. Ltd. now owns 132,205 shares of the oil and gas company’s stock valued at $17,378,000 after purchasing an additional 4,211 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of Phillips 66 in the third quarter valued at approximately $638,000. Sunbelt Securities Inc. boosted its stake in shares of Phillips 66 by 41.0% in the third quarter. Sunbelt Securities Inc. now owns 4,027 shares of the oil and gas company’s stock valued at $529,000 after buying an additional 1,171 shares during the period. Finally, Teachers Retirement System of The State of Kentucky lifted its stake in Phillips 66 by 35.5% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 351,186 shares of the oil and gas company’s stock worth $46,163,000 after purchasing an additional 91,918 shares during the last quarter. 76.93% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PSX. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Sunday, March 2nd. Wells Fargo & Company increased their price objective on shares of Phillips 66 from $161.00 to $162.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Piper Sandler cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 10th. Barclays raised their price target on shares of Phillips 66 from $115.00 to $135.00 and gave the company an “equal weight” rating in a research report on Friday, March 14th. Finally, Mizuho dropped their target price on shares of Phillips 66 from $140.00 to $132.00 and set a “neutral” rating on the stock in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $144.29.

Phillips 66 Trading Up 11.0 %

Shares of Phillips 66 stock opened at $103.10 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.83 and a debt-to-equity ratio of 0.62. Phillips 66 has a 12-month low of $91.01 and a 12-month high of $166.74. The firm has a market capitalization of $42.03 billion, a price-to-earnings ratio of 20.87, a PEG ratio of 4.84 and a beta of 1.17. The firm’s 50 day simple moving average is $121.91 and its two-hundred day simple moving average is $124.01.

Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of $1.23 by ($1.38). Phillips 66 had a net margin of 1.46% and a return on equity of 8.58%. During the same quarter last year, the firm earned $3.09 earnings per share. Analysts predict that Phillips 66 will post 6.8 EPS for the current year.

Phillips 66 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a $1.15 dividend. The ex-dividend date was Monday, February 24th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 4.46%. Phillips 66’s payout ratio is 93.12%.

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.