Bank of Montreal Can Increases Stake in Phillips 66 (NYSE:PSX)

Bank of Montreal Can increased its position in Phillips 66 (NYSE:PSX) by 3.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 999,906 shares of the oil and gas company’s stock after buying an additional 29,952 shares during the quarter. Bank of Montreal Can’s holdings in Phillips 66 were worth $140,277,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC bought a new position in shares of Phillips 66 during the first quarter valued at about $25,000. Keener Financial Planning LLC purchased a new position in Phillips 66 during the 1st quarter valued at about $26,000. Redmont Wealth Advisors LLC bought a new position in Phillips 66 during the 1st quarter valued at approximately $28,000. Ruedi Wealth Management Inc. lifted its holdings in Phillips 66 by 102.1% in the 1st quarter. Ruedi Wealth Management Inc. now owns 190 shares of the oil and gas company’s stock worth $31,000 after buying an additional 96 shares during the period. Finally, Ables Iannone Moore & Associates Inc. bought a new stake in shares of Phillips 66 in the 4th quarter worth approximately $27,000. 76.93% of the stock is currently owned by institutional investors.

Phillips 66 Stock Performance

Shares of NYSE PSX opened at $131.11 on Tuesday. Phillips 66 has a 52-week low of $107.85 and a 52-week high of $174.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.79 and a current ratio of 1.14. The firm’s fifty day moving average is $135.02 and its two-hundred day moving average is $143.52. The company has a market cap of $55.58 billion, a P/E ratio of 10.09, a P/E/G ratio of 4.67 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share for the quarter, beating the consensus estimate of $1.98 by $0.33. The business had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.87 EPS. As a group, analysts anticipate that Phillips 66 will post 9.1 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were given a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, August 20th. This represents a $4.60 annualized dividend and a yield of 3.51%. Phillips 66’s dividend payout ratio (DPR) is 35.38%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Mizuho dropped their price target on Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Scotiabank decreased their price target on shares of Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Argus reaffirmed a “buy” rating and set a $167.00 price objective on shares of Phillips 66 in a research report on Thursday, May 30th. JPMorgan Chase & Co. lowered their target price on Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Finally, Piper Sandler decreased their price objective on Phillips 66 from $151.00 to $136.00 and set an “overweight” rating for the company in a report on Friday. Six investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $154.21.

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now owns 81,937 shares of the company’s stock, valued at $11,390,062.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company’s stock.

Phillips 66 Company Profile

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.