BerganKDV Wealth Management LLC grew its stake in shares of Phillips 66 (NYSE:PSX) by 110.7% in the first quarter, Holdings Channel reports. The fund owned 5,770 shares of the oil and gas company’s stock after buying an additional 3,031 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Phillips 66 were worth $549,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Opus Investment Management Inc. acquired a new stake in shares of Phillips 66 during the 1st quarter valued at $446,000. Executive Wealth Management LLC acquired a new stake in shares of Phillips 66 during the 4th quarter valued at $161,000. Millennium Management LLC lifted its position in shares of Phillips 66 by 61.1% during the 4th quarter. Millennium Management LLC now owns 2,141,445 shares of the oil and gas company’s stock valued at $184,485,000 after acquiring an additional 811,879 shares during the last quarter. Prudential PLC lifted its position in shares of Phillips 66 by 9.3% during the 4th quarter. Prudential PLC now owns 652,013 shares of the oil and gas company’s stock valued at $56,170,000 after acquiring an additional 55,306 shares during the last quarter. Finally, Hancock Whitney Corp lifted its position in shares of Phillips 66 by 2.1% during the 4th quarter. Hancock Whitney Corp now owns 63,939 shares of the oil and gas company’s stock valued at $5,509,000 after acquiring an additional 1,293 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.
In related news, Director John E. Lowe purchased 2,000 shares of the company’s stock in a transaction dated Thursday, May 9th. The shares were acquired at an average cost of $84.41 per share, with a total value of $168,820.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.13% of the company’s stock.
Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, April 30th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.06. The company had revenue of $23.66 billion during the quarter, compared to analyst estimates of $24.66 billion. Phillips 66 had a return on equity of 19.96% and a net margin of 4.63%. During the same quarter in the prior year, the company earned $1.04 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 7.26 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Monday, May 20th will be issued a $0.90 dividend. The ex-dividend date is Friday, May 17th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.34%. This is a positive change from Phillips 66’s previous quarterly dividend of $0.80. Phillips 66’s dividend payout ratio is presently 30.74%.
A number of equities research analysts have recently commented on the company. Bank of America upgraded Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price objective for the company in a research report on Monday, April 29th. They noted that the move was a valuation call. Argus reduced their target price on Phillips 66 to $116.00 and set a “buy” rating for the company in a report on Thursday, February 14th. ValuEngine lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Monday, April 15th. Citigroup increased their target price on Phillips 66 from $100.00 to $102.00 and gave the company a “neutral” rating in a report on Monday, March 4th. Finally, Jefferies Financial Group lowered Phillips 66 from a “buy” rating to a “hold” rating and increased their target price for the company from $105.00 to $107.00 in a report on Monday, April 15th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Phillips 66 currently has an average rating of “Hold” and an average target price of $119.42.
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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; 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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