iA Global Asset Management Inc. Makes New $407,000 Investment in Phillips 66 (NYSE:PSX)

iA Global Asset Management Inc. purchased a new position in shares of Phillips 66 (NYSE:PSX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,099 shares of the oil and gas company’s stock, valued at approximately $407,000.

Other institutional investors have also modified their holdings of the company. Strategic Financial Concepts LLC acquired a new stake in shares of Phillips 66 in the 2nd quarter worth $26,000. nVerses Capital LLC acquired a new stake in shares of Phillips 66 in the third quarter worth approximately $26,000. Values First Advisors Inc. acquired a new stake in shares of Phillips 66 in the third quarter valued at approximately $30,000. Kings Path Partners LLC acquired a new stake in Phillips 66 during the second quarter worth about $38,000. Finally, Industrial Alliance Investment Management Inc. purchased a new stake in Phillips 66 in the second quarter valued at $40,000. 76.93% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PSX has been the subject of several recent research reports. Mizuho lowered their price objective on shares of Phillips 66 from $154.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, September 16th. Bank of America assumed coverage on shares of Phillips 66 in a research note on Thursday, October 17th. They set a “buy” rating and a $156.00 target price for the company. Barclays reduced their price objective on shares of Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research report on Monday, November 11th. JPMorgan Chase & Co. cut their price objective on Phillips 66 from $160.00 to $141.00 and set an “overweight” rating for the company in a research report on Wednesday, October 2nd. Finally, Scotiabank lowered their price target on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, Phillips 66 has a consensus rating of “Moderate Buy” and an average price target of $149.23.

Phillips 66 Price Performance

Shares of PSX stock opened at $130.09 on Tuesday. Phillips 66 has a 52 week low of $119.77 and a 52 week high of $174.08. The stock has a market capitalization of $53.72 billion, a PE ratio of 16.70, a PEG ratio of 4.24 and a beta of 1.35. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21. The stock’s fifty day moving average is $130.81 and its 200-day moving average is $134.30.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. The firm had revenue of $36.16 billion during the quarter, compared to analyst estimates of $36.31 billion. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business’s quarterly revenue was down 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.63 EPS. Equities research analysts expect that Phillips 66 will post 7.59 EPS for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 18th were issued a dividend of $1.15 per share. The ex-dividend date was Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.54%. Phillips 66’s payout ratio is presently 59.05%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.