Cibc World Market Inc. Invests $37.24 Million in Phillips 66 $PSX

Cibc World Market Inc. purchased a new stake in shares of Phillips 66 (NYSE:PSX) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 220,295 shares of the oil and gas company’s stock, valued at approximately $37,241,000.

Several other large investors have also recently made changes to their positions in PSX. MUFG Securities EMEA plc boosted its holdings in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock valued at $2,131,000 after acquiring an additional 8,783 shares in the last quarter. Horizon Investments LLC raised its holdings in Phillips 66 by 478.4% in the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock worth $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp raised its holdings in Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after purchasing an additional 108,248 shares during the period. Finally, National Pension Service lifted its position in shares of Phillips 66 by 2.0% in the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after purchasing an additional 11,960 shares during the period. 76.93% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the transaction, the executive vice president owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last three months. Company insiders own 0.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PSX. Zacks Research lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. BMO Capital Markets increased their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Raymond James Financial lifted their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Argus upped their target price on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Phillips 66 currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.

Phillips 66 Stock Performance

Shares of PSX stock opened at $243.34 on Monday. Phillips 66 has a 12 month low of $124.88 and a 12 month high of $246.95. The stock has a market cap of $97.10 billion, a PE ratio of 13.87, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company’s fifty day moving average price is $198.87 and its 200-day moving average price is $179.70.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period last year, the business earned $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.

Phillips 66 announced that its board has approved a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Phillips 66 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.

Phillips 66 Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.