Cozad Asset Management Inc. Invests $2.74 Million in Phillips 66 (PSX)
Cozad Asset Management Inc. purchased a new position in Phillips 66 (NYSE:PSX) during the second quarter, HoldingsChannel.com reports. The firm purchased 24,376 shares of the oil and gas company’s stock, valued at approximately $2,738,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Bruderman Asset Management LLC purchased a new position in Phillips 66 during the first quarter valued at $105,000. Acropolis Investment Management LLC purchased a new position in Phillips 66 during the second quarter valued at $106,000. Tuttle Tactical Management purchased a new position in Phillips 66 during the second quarter valued at $107,000. Baker Ellis Asset Management LLC purchased a new position in Phillips 66 during the second quarter valued at $111,000. Finally, Kaizen Advisory LLC lifted its position in Phillips 66 by 144.3% during the second quarter. Kaizen Advisory LLC now owns 1,004 shares of the oil and gas company’s stock valued at $113,000 after purchasing an additional 593 shares in the last quarter. Hedge funds and other institutional investors own 69.48% of the company’s stock.
Shares of PSX stock opened at $113.02 on Friday. Phillips 66 has a 12-month low of $85.95 and a 12-month high of $123.97. The company has a current ratio of 1.24, a quick ratio of 0.82 and a debt-to-equity ratio of 0.44. The stock has a market capitalization of $52.07 billion, a PE ratio of 17.07, a PEG ratio of 1.68 and a beta of 0.99.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st were issued a $0.80 dividend. The ex-dividend date of this dividend was Monday, August 20th. This represents a $3.20 annualized dividend and a dividend yield of 2.83%. Phillips 66’s dividend payout ratio (DPR) is 73.06%.
Several equities analysts recently weighed in on the company. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 target price on the stock in a research report on Wednesday, August 1st. Mizuho initiated coverage on Phillips 66 in a research report on Wednesday, August 1st. They set a “neutral” rating and a $124.00 target price on the stock. JPMorgan Chase & Co. boosted their price objective on Phillips 66 from $127.00 to $132.00 and gave the company a “neutral” rating in a research report on Monday, June 4th. Credit Suisse Group boosted their price objective on Phillips 66 from $115.00 to $127.00 and gave the company a “neutral” rating in a research report on Monday, June 4th. Finally, Argus boosted their price objective on Phillips 66 to $133.00 and gave the company a “buy” rating in a research report on Thursday, May 17th. Two analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $113.86.
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, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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