The Manufacturers Life Insurance Company increased its holdings in Phillips 66 (NYSE:PSX) by 1.5% during the fourth quarter, according to its latest Form 13F filing with the SEC. The company now owns 315,817 shares of Phillips 66 stock, valued at $35,981,000, representing 0.08% of the oil and gas company’s outstanding shares.
Other institutional investors have also adjusted their Phillips 66 holdings. Bank of New York Mellon Corp increased its stake by 7.3%, now owning 9,344,342 shares worth $1,064,601,000. Geode Capital Management LLC raised its holdings by 1.0%, owning 8,530,242 shares valued at $968,844,000. Price T Rowe Associates Inc. MD significantly boosted its stake by 283.5%, now holding 6,026,649 shares worth $686,618,000. Norges Bank established a new position in Phillips 66 worth $497,648,000, while Invesco Ltd. increased its position by 9.2%, owning 4,112,618 shares valued at $468,551,000.
Institutional investors and hedge funds collectively own 76.93% of Phillips 66’s stock. The company’s stock opened at $103.51 on Friday, with a market capitalization of $42.17 billion. Phillips 66’s 50-day simple moving average is $113.83, and its 200-day simple moving average is $120.39. The stock has a quick ratio of 0.83, a current ratio of 1.21, and a debt-to-equity ratio of 0.62.
Phillips 66 recently reported quarterly earnings of ($0.90) per share, missing analysts’ consensus estimates of $0.07 by ($0.97). The company had revenue of $31.92 billion for the quarter, compared to the consensus estimate of $31.93 billion. Phillips 66 also declared a quarterly dividend of $1.20, payable on June 2nd to stockholders of record on May 19th.
Analysts have varied opinions on Phillips 66. Scotiabank reduced its price target from $136.00 to $133.00, maintaining a ‘sector outperform’ rating. TD Cowen lowered its target price from $127.00 to $114.00, keeping a ‘buy’ rating. The company currently has an average rating of ‘Moderate Buy’ and an average price target of $136.36 among analysts.
