CIBC Asset Management Inc increased its stake in shares of Phillips 66 (NYSE:PSX) by 6.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 44,228 shares of the oil and gas company’s stock after acquiring an additional 2,565 shares during the quarter. CIBC Asset Management Inc’s holdings in Phillips 66 were worth $4,209,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Harvest Group Wealth Management LLC bought a new position in Phillips 66 during the first quarter worth $31,000. Burt Wealth Advisors increased its position in Phillips 66 by 285.7% during the first quarter. Burt Wealth Advisors now owns 405 shares of the oil and gas company’s stock worth $39,000 after acquiring an additional 300 shares during the period. Proficio Capital Partners LLC increased its position in Phillips 66 by 46.1% during the fourth quarter. Proficio Capital Partners LLC now owns 434 shares of the oil and gas company’s stock worth $37,000 after acquiring an additional 137 shares during the period. FNY Investment Advisers LLC bought a new position in Phillips 66 during the fourth quarter worth $37,000. Finally, Truehand Inc acquired a new stake in Phillips 66 during the fourth quarter worth $40,000. 71.83% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director John E. Lowe bought 2,000 shares of Phillips 66 stock in a transaction dated Thursday, May 9th. The shares were bought at an average price of $84.41 per share, for a total transaction of $168,820.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Greg C. Garland sold 42,728 shares of the business’s stock in a transaction on Wednesday, February 20th. The shares were sold at an average price of $97.61, for a total transaction of $4,170,680.08. The disclosure for this sale can be found here. 0.13% of the stock is currently owned by insiders.
Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.06. Phillips 66 had a net margin of 4.63% and a return on equity of 19.96%. The company had revenue of $23.66 billion for the quarter, compared to the consensus estimate of $24.66 billion. During the same quarter in the previous year, the company earned $1.04 EPS. On average, sell-side analysts forecast that Phillips 66 will post 7.45 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Friday, May 17th. This is an increase from Phillips 66’s previous quarterly dividend of $0.80. Phillips 66’s payout ratio is currently 27.33%.
A number of research firms have weighed in on PSX. ValuEngine upgraded shares of Phillips 66 from a “strong sell” rating to a “sell” rating in a research note on Friday. Jefferies Financial Group downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating and lifted their price target for the stock from $105.00 to $107.00 in a research note on Monday, April 15th. Argus decreased their price target on shares of Phillips 66 to $116.00 and set a “buy” rating on the stock in a research note on Thursday, February 14th. Citigroup lifted their price target on shares of Phillips 66 from $100.00 to $102.00 and gave the stock a “neutral” rating in a research note on Monday, March 4th. Finally, Tudor Pickering upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Friday, February 8th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $120.67.
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Phillips 66 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; provides terminaling and storage services for crude oil and 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.
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