Northern Trust Corp Boosts Stock Position in Phillips 66 (NYSE:PSX)

Northern Trust Corp raised its stake in shares of Phillips 66 (NYSE:PSX) by 10.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,589,079 shares of the oil and gas company’s stock after buying an additional 440,107 shares during the quarter. Northern Trust Corp owned about 1.11% of Phillips 66 worth $522,834,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. NewEdge Wealth LLC boosted its stake in Phillips 66 by 0.5% in the 4th quarter. NewEdge Wealth LLC now owns 15,199 shares of the oil and gas company’s stock worth $1,732,000 after purchasing an additional 81 shares in the last quarter. JBR Co Financial Management Inc lifted its stake in shares of Phillips 66 by 0.9% in the fourth quarter. JBR Co Financial Management Inc now owns 9,520 shares of the oil and gas company’s stock worth $1,085,000 after buying an additional 85 shares in the last quarter. Nwam LLC lifted its stake in shares of Phillips 66 by 2.2% in the fourth quarter. Nwam LLC now owns 3,876 shares of the oil and gas company’s stock worth $442,000 after buying an additional 85 shares in the last quarter. Webster Bank N. A. grew its holdings in shares of Phillips 66 by 48.4% during the fourth quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 88 shares during the last quarter. Finally, PFG Private Wealth Management LLC increased its position in shares of Phillips 66 by 7.7% during the fourth quarter. PFG Private Wealth Management LLC now owns 1,233 shares of the oil and gas company’s stock valued at $140,000 after acquiring an additional 88 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Phillips 66 Stock Up 0.3 %

NYSE PSX opened at $106.08 on Wednesday. The stock has a 50 day moving average price of $114.80 and a 200-day moving average price of $120.72. Phillips 66 has a one year low of $91.01 and a one year high of $150.91. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The company has a market capitalization of $43.22 billion, a P/E ratio of 21.47, a P/E/G ratio of 4.84 and a beta of 1.17.

Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 25th. The oil and gas company reported ($0.90) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.97). The business had revenue of $31.92 billion during the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter last year, the firm earned $1.90 earnings per share. As a group, equities analysts predict that Phillips 66 will post 6.8 EPS for the current fiscal year.

Phillips 66 Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 19th will be given a dividend of $1.20 per share. The ex-dividend date of this dividend is Monday, May 19th. This represents a $4.80 annualized dividend and a dividend yield of 4.52%. This is an increase from Phillips 66’s previous quarterly dividend of $1.15. Phillips 66’s payout ratio is currently 97.17%.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. TD Cowen cut their target price on Phillips 66 from $127.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday. JPMorgan Chase & Co. reduced their price objective on Phillips 66 from $138.00 to $131.00 and set an “overweight” rating for the company in a report on Tuesday. Wells Fargo & Company lowered their target price on shares of Phillips 66 from $162.00 to $149.00 and set an “overweight” rating on the stock in a research note on Monday. Piper Sandler lowered shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. Finally, Raymond James lowered their price objective on shares of Phillips 66 from $150.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $136.36.

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.