Archer Investment Corp Acquires 567 Shares of Phillips 66 (NYSE:PSX)

Archer Investment Corp raised its stake in Phillips 66 (NYSE:PSX) by 56.4% in the third quarter, Holdings Channel reports. The fund owned 1,573 shares of the oil and gas company’s stock after purchasing an additional 567 shares during the quarter. Archer Investment Corp’s holdings in Phillips 66 were worth $207,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in Phillips 66 by 4.0% during the first quarter. Vanguard Group Inc. now owns 41,271,077 shares of the oil and gas company’s stock valued at $6,741,218,000 after acquiring an additional 1,578,669 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Phillips 66 by 5.0% in the second quarter. Bank of New York Mellon Corp now owns 8,422,720 shares of the oil and gas company’s stock worth $1,189,035,000 after acquiring an additional 402,925 shares in the last quarter. Boston Partners grew its stake in Phillips 66 by 41.4% in the first quarter. Boston Partners now owns 5,453,892 shares of the oil and gas company’s stock valued at $889,214,000 after acquiring an additional 1,595,722 shares during the period. Legal & General Group Plc grew its stake in Phillips 66 by 0.5% in the second quarter. Legal & General Group Plc now owns 3,699,370 shares of the oil and gas company’s stock valued at $522,240,000 after acquiring an additional 18,238 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Phillips 66 by 3.2% during the second quarter. Dimensional Fund Advisors LP now owns 3,643,264 shares of the oil and gas company’s stock valued at $514,253,000 after acquiring an additional 111,261 shares in the last quarter. 76.93% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on PSX shares. Raymond James lifted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a research report on Wednesday, July 31st. Bank of America began coverage on shares of Phillips 66 in a report on Thursday, October 17th. They set a “buy” rating and a $156.00 price objective for the company. Scotiabank lowered their target price on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Barclays cut their price target on Phillips 66 from $133.00 to $124.00 and set an “equal weight” rating for the company in a research note on Monday, November 11th. Finally, Wells Fargo & Company lowered their price objective on Phillips 66 from $182.00 to $167.00 and set an “overweight” rating for the company in a research note on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Stock Up 0.9 %

Shares of NYSE:PSX opened at $130.91 on Friday. Phillips 66 has a 1 year low of $111.90 and a 1 year high of $174.08. The company has a market capitalization of $54.06 billion, a PE ratio of 16.80, a price-to-earnings-growth ratio of 4.26 and a beta of 1.33. The business has a fifty day moving average price of $129.75 and a two-hundred day moving average price of $135.81. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.21 and a quick ratio of 0.83.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.41. The company 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 firm’s revenue for the quarter was down 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $4.63 earnings per share. Analysts forecast that Phillips 66 will post 7.63 earnings per share for the current year.

Phillips 66 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $1.15 dividend. The ex-dividend date is Monday, November 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.51%. Phillips 66’s payout ratio is 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.