CIBC Asset Management Inc Purchases 38,266 Shares of Phillips 66 $PSX

CIBC Asset Management Inc boosted its position in shares of Phillips 66 (NYSE:PSX) by 66.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 95,885 shares of the oil and gas company’s stock after purchasing an additional 38,266 shares during the period. CIBC Asset Management Inc’s holdings in Phillips 66 were worth $12,373,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Marble Wealth LLC bought a new position in Phillips 66 during the 4th quarter valued at about $1,587,000. Mccarter Private Wealth Services LLC increased its position in Phillips 66 by 40.6% in the 4th quarter. Mccarter Private Wealth Services LLC now owns 4,598 shares of the oil and gas company’s stock valued at $593,000 after acquiring an additional 1,328 shares in the last quarter. Westpac Banking Corp acquired a new stake in Phillips 66 in the 4th quarter valued at about $369,000. SCP Investment LP acquired a new stake in Phillips 66 in the 4th quarter valued at about $387,000. Finally, Calton & Associates Inc. increased its position in Phillips 66 by 5.6% in the 4th quarter. Calton & Associates Inc. now owns 2,168 shares of the oil and gas company’s stock valued at $280,000 after acquiring an additional 114 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Insider Activity at Phillips 66

In other news, Director Lisa Ann Davis sold 3,800 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $174.37, for a total value of $662,606.00. Following the sale, the director directly owned 8,701 shares in the company, valued at approximately $1,517,193.37. This trade represents a 30.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Mitchell sold 600 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $171.56, for a total transaction of $102,936.00. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at approximately $16,705,826.56. The trade was a 0.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 92,229 shares of company stock valued at $15,990,030. 0.40% of the stock is currently owned by company insiders.

Phillips 66 Trading Down 0.5%

Shares of Phillips 66 stock opened at $183.30 on Friday. The company has a market capitalization of $73.49 billion, a price-to-earnings ratio of 18.06, a PEG ratio of 0.27 and a beta of 0.68. The company has a quick ratio of 0.85, a current ratio of 1.13 and a debt-to-equity ratio of 0.63. Phillips 66 has a 12-month low of $112.95 and a 12-month high of $190.61. The firm’s 50-day moving average price is $172.76 and its two-hundred day moving average price is $156.17.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Wednesday, April 29th. The oil and gas company reported $0.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $1.03. The firm had revenue of $32.54 billion for the quarter, compared to the consensus estimate of $35.86 billion. Phillips 66 had a net margin of 2.99% and a return on equity of 10.98%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the company posted ($0.90) earnings per share. On average, analysts forecast that Phillips 66 will post 17.64 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 1st. Stockholders of record on Monday, May 18th were paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Monday, May 18th. Phillips 66’s dividend payout ratio (DPR) is presently 50.05%.

Wall Street Analyst Weigh In

PSX has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $163.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, March 31st. Morgan Stanley restated an “overweight” rating and issued a $180.00 price objective on shares of Phillips 66 in a research report on Thursday, April 30th. Piper Sandler raised their price objective on shares of Phillips 66 from $168.00 to $177.00 and gave the company a “neutral” rating in a research report on Wednesday, April 8th. Raymond James Financial raised their price objective on shares of Phillips 66 from $205.00 to $215.00 in a research report on Thursday, April 30th. Finally, Scotiabank raised their price objective on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $191.28.

Phillips 66 Company Profile

Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.