CIBC Asset Management Inc Boosts Holdings in Phillips 66 (NYSE:PSX)

CIBC Asset Management Inc raised its stake in shares of Phillips 66 (NYSE:PSX) by 3.3% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 39,734 shares of the oil and gas company’s stock after acquiring an additional 1,254 shares during the quarter. CIBC Asset Management Inc’s holdings in Phillips 66 were worth $2,783,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of PSX. Moors & Cabot Inc. lifted its holdings in Phillips 66 by 191.2% during the third quarter. Moors & Cabot Inc. now owns 25,000 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 16,415 shares in the last quarter. Rocky Mountain Advisers LLC lifted its stake in shares of Phillips 66 by 54.7% in the third quarter. Rocky Mountain Advisers LLC now owns 424 shares of the oil and gas company’s stock worth $30,000 after buying an additional 150 shares in the last quarter. JFS Wealth Advisors LLC lifted its stake in shares of Phillips 66 by 81.6% in the third quarter. JFS Wealth Advisors LLC now owns 445 shares of the oil and gas company’s stock worth $31,000 after buying an additional 200 shares in the last quarter. PrairieView Partners LLC lifted its stake in shares of Phillips 66 by 40.5% in the third quarter. PrairieView Partners LLC now owns 458 shares of the oil and gas company’s stock worth $32,000 after buying an additional 132 shares in the last quarter. Finally, Archer Investment Corp purchased a new position in shares of Phillips 66 in the third quarter worth about $34,000. 68.17% of the stock is currently owned by institutional investors and hedge funds.

Several equities analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating and set a $76.00 price target on the stock. in a research note on Monday, December 20th. Citigroup raised their price target on shares of Phillips 66 from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 6th. Royal Bank of Canada raised their price target on shares of Phillips 66 from $94.00 to $95.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 2nd. Wells Fargo & Company raised their price objective on shares of Phillips 66 from $97.00 to $104.00 and gave the stock an “overweight” rating in a research report on Monday, November 15th. Finally, The Goldman Sachs Group upgraded shares of Phillips 66 from a “buy” rating to a “conviction-buy” rating in a research report on Wednesday, November 3rd. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $89.80.

Shares of PSX opened at $88.58 on Friday. Phillips 66 has a 1-year low of $63.19 and a 1-year high of $94.34. The stock has a market cap of $38.81 billion, a PE ratio of -77.03, a P/E/G ratio of 0.62 and a beta of 1.66. The firm has a 50-day simple moving average of $74.76 and a two-hundred day simple moving average of $74.80. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.15 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Thursday, October 28th. The oil and gas company reported $3.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $1.23. The firm had revenue of $31.47 billion during the quarter, compared to analysts’ expectations of $24.33 billion. Phillips 66 had a negative net margin of 0.50% and a positive return on equity of 3.44%. During the same quarter in the previous year, the business posted ($0.01) earnings per share. As a group, sell-side analysts expect that Phillips 66 will post 4.69 earnings per share for the current fiscal year.

In related news, VP Joseph Scott Pruitt sold 2,250 shares of Phillips 66 stock in a transaction that occurred on Tuesday, December 21st. The shares were sold at an average price of $72.25, for a total value of $162,562.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.74% of the stock is owned by insiders.

Phillips 66 Profile

Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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