Fifth Third Bancorp lowered its stake in shares of Phillips 66 (NYSE:PSX) by 1.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 87,233 shares of the oil and gas company’s stock after selling 1,625 shares during the period. Fifth Third Bancorp’s holdings in Phillips 66 were worth $6,911,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in PSX. Teachers Advisors LLC increased its position in shares of Phillips 66 by 5.1% in the fourth quarter. Teachers Advisors LLC now owns 754,752 shares of the oil and gas company’s stock worth $65,218,000 after buying an additional 36,334 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of Phillips 66 by 60.9% in the fourth quarter. Macquarie Group Ltd. now owns 22,600 shares of the oil and gas company’s stock worth $1,953,000 after buying an additional 8,550 shares in the last quarter. Beacon Financial Group increased its position in shares of Phillips 66 by 3.1% in the first quarter. Beacon Financial Group now owns 101,514 shares of the oil and gas company’s stock worth $7,978,000 after buying an additional 3,071 shares in the last quarter. Franklin Street Advisors Inc. NC increased its position in shares of Phillips 66 by 10.7% in the first quarter. Franklin Street Advisors Inc. NC now owns 3,981 shares of the oil and gas company’s stock worth $315,000 after buying an additional 385 shares in the last quarter. Finally, Norman Fields Gottscho Capital Management LLC increased its stake in Phillips 66 by 19.8% in the first quarter. Norman Fields Gottscho Capital Management LLC now owns 99,309 shares of the oil and gas company’s stock worth $7,867,000 after buying an additional 16,415 shares during the period. 69.57% of the stock is owned by hedge funds and other institutional investors.
Shares of Phillips 66 (PSX) opened at 81.56 on Friday. The firm has a market capitalization of $41.72 billion, a P/E ratio of 24.39 and a beta of 1.22. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $88.87. The stock has a 50 day moving average of $83.33 and a 200-day moving average of $79.81.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Wednesday, August 16th. Phillips 66’s dividend payout ratio (DPR) is 83.58%.
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A number of equities research analysts recently weighed in on the stock. Jefferies Group LLC set a $74.00 price target on shares of Phillips 66 and gave the stock a “hold” rating in a research note on Saturday, June 3rd. BidaskClub cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday. Scotiabank restated a “hold” rating and set a $86.00 price objective on shares of Phillips 66 in a report on Tuesday, June 27th. TheStreet upgraded shares of Phillips 66 from a “c” rating to a “b-” rating in a report on Friday, April 28th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $89.00 price target (up previously from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $83.53.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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