Allspring Global Investments Holdings LLC Purchases 21,840 Shares of Phillips 66 (NYSE:PSX)

Allspring Global Investments Holdings LLC lifted its position in shares of Phillips 66 (NYSE:PSX) by 22.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 118,782 shares of the oil and gas company’s stock after buying an additional 21,840 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Phillips 66 were worth $15,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in PSX. Manning & Napier Advisors LLC acquired a new position in Phillips 66 in the 2nd quarter valued at approximately $17,670,000. M&G Plc acquired a new stake in Phillips 66 in the second quarter valued at $3,596,000. Duality Advisers LP acquired a new position in Phillips 66 during the 1st quarter worth about $3,596,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Phillips 66 by 42.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 133,736 shares of the oil and gas company’s stock valued at $21,844,000 after buying an additional 39,775 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of Phillips 66 by 69.8% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 37,802 shares of the oil and gas company’s stock worth $6,175,000 after acquiring an additional 15,542 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Raymond James boosted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Morgan Stanley dropped their price objective on Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. JPMorgan Chase & Co. lowered their target price on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a report on Wednesday, October 2nd. Wells Fargo & Company reduced their price objective on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research report on Wednesday, October 9th. Finally, Bank of America began coverage on shares of Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Phillips 66 presently has a consensus rating of “Moderate Buy” and an average target price of $149.50.

Phillips 66 Stock Down 0.2 %

Shares of NYSE:PSX opened at $128.17 on Friday. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56. The business’s 50 day moving average is $132.65 and its 200 day moving average is $139.50. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08. The stock has a market cap of $53.65 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 5.61 and a beta of 1.33.

Phillips 66 (NYSE:PSX) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The company had revenue of $38.91 billion during the quarter, compared to the consensus estimate of $37.79 billion. During the same quarter in the prior year, the company posted $3.87 earnings per share. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, sell-side analysts forecast that Phillips 66 will post 7.81 earnings per share for the current fiscal year.

Phillips 66 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be issued a dividend of $1.15 per share. The ex-dividend date of this dividend is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.59%. Phillips 66’s dividend payout ratio (DPR) is currently 39.45%.

Insider Buying and Selling at Phillips 66

In related news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now owns 81,937 shares in the company, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Company Profile

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.