California Public Employees Retirement System Boosts Stake in Phillips 66 (PSX)
California Public Employees Retirement System lifted its holdings in Phillips 66 (NYSE:PSX) by 0.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,181,875 shares of the oil and gas company’s stock after buying an additional 5,448 shares during the period. California Public Employees Retirement System’s holdings in Phillips 66 were worth $132,736,000 at the end of the most recent reporting period.
Several other institutional investors have also bought and sold shares of the company. Glenmede Trust Co. NA increased its holdings in shares of Phillips 66 by 6.1% in the 2nd quarter. Glenmede Trust Co. NA now owns 65,327 shares of the oil and gas company’s stock worth $7,337,000 after buying an additional 3,761 shares during the last quarter. Mutual Advisors LLC bought a new stake in shares of Phillips 66 in the 2nd quarter worth about $260,000. HPM Partners LLC increased its holdings in shares of Phillips 66 by 10.2% in the 2nd quarter. HPM Partners LLC now owns 11,411 shares of the oil and gas company’s stock worth $1,282,000 after buying an additional 1,059 shares during the last quarter. Cozad Asset Management Inc. bought a new stake in shares of Phillips 66 in the 2nd quarter worth about $2,738,000. Finally, Salem Investment Counselors Inc. increased its holdings in shares of Phillips 66 by 6.9% in the 2nd quarter. Salem Investment Counselors Inc. now owns 14,346 shares of the oil and gas company’s stock worth $1,611,000 after buying an additional 930 shares during the last quarter. Hedge funds and other institutional investors own 69.48% of the company’s stock.
A number of analysts have recently weighed in on PSX shares. Wells Fargo & Co upgraded shares of Phillips 66 from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 29th. Credit Suisse Group upped their price target on shares of Phillips 66 from $115.00 to $127.00 and gave the company a “neutral” rating in a report on Monday, June 4th. JPMorgan Chase & Co. upped their price target on shares of Phillips 66 from $127.00 to $132.00 and gave the company a “neutral” rating in a report on Monday, June 4th. Morgan Stanley upped their price target on shares of Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, July 16th. Finally, Zacks Investment Research upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 price target on the stock in a report on Wednesday, August 1st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $113.86.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 27th. The oil and gas company reported $2.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.64. The company had revenue of $29.74 billion during the quarter, compared to analysts’ expectations of $29.40 billion. Phillips 66 had a net margin of 5.34% and a return on equity of 12.87%. During the same period in the previous year, the company earned $1.09 EPS. research analysts expect that Phillips 66 will post 7.92 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Shareholders of record on Tuesday, August 21st were given a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 20th. This represents a $3.20 annualized dividend and a yield of 2.84%. Phillips 66’s dividend payout ratio (DPR) is 73.06%.
Phillips 66 Company Profile
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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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