Phillips 66 (NYSE:PSX) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp raised its position in shares of Phillips 66 (NYSE:PSX) by 263.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,278 shares of the oil and gas company’s stock after acquiring an additional 60,355 shares during the quarter. Van ECK Associates Corp’s holdings in Phillips 66 were worth $10,753,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Crewe Advisors LLC acquired a new position in Phillips 66 during the first quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Phillips 66 in the second quarter valued at approximately $26,000. nVerses Capital LLC acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $26,000. Values First Advisors Inc. purchased a new position in Phillips 66 during the third quarter worth approximately $30,000. Finally, Bank & Trust Co acquired a new position in Phillips 66 during the second quarter worth $31,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on PSX shares. JPMorgan Chase & Co. reduced their price target on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a report on Wednesday, October 2nd. Raymond James boosted their target price on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. Wolfe Research assumed coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Wells Fargo & Company decreased their price objective on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a report on Wednesday, October 9th. Finally, Barclays cut their target price on Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $150.38.

Phillips 66 Price Performance

Shares of PSX opened at $127.91 on Thursday. The company has a market cap of $52.83 billion, a P/E ratio of 16.42, a PEG ratio of 3.94 and a beta of 1.33. Phillips 66 has a fifty-two week low of $110.54 and a fifty-two week high of $174.08. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average price is $130.59 and its 200 day moving average price is $137.00.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion for the quarter, compared to analyst estimates of $36.31 billion. During the same quarter in the prior year, the company earned $4.63 earnings per share. The company’s revenue was down 10.3% on a year-over-year basis. On average, research analysts forecast that Phillips 66 will post 7.69 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $1.15 dividend. This represents a $4.60 annualized dividend and a dividend yield of 3.60%. The ex-dividend date of this dividend is Monday, November 18th. Phillips 66’s payout ratio is presently 59.05%.

Insider Transactions at Phillips 66

In related 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 value of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at $11,390,062.37. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

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.