ING Groep NV Has $155.50 Million Stake in Phillips 66 (NYSE:PSX)

ING Groep NV increased its stake in Phillips 66 (NYSE:PSX) by 123.2% in the third quarter, Holdings Channel.com reports. The firm owned 1,182,980 shares of the oil and gas company’s stock after purchasing an additional 653,032 shares during the quarter. Phillips 66 makes up approximately 0.9% of ING Groep NV’s investment portfolio, making the stock its 17th largest position. ING Groep NV’s holdings in Phillips 66 were worth $155,503,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitchell & Pahl Private Wealth LLC lifted its holdings in Phillips 66 by 0.4% in the second quarter. Mitchell & Pahl Private Wealth LLC now owns 17,847 shares of the oil and gas company’s stock valued at $2,519,000 after buying an additional 74 shares during the period. Catalyst Financial Partners LLC grew its stake in Phillips 66 by 5.1% during the second quarter. Catalyst Financial Partners LLC now owns 1,514 shares of the oil and gas company’s stock worth $214,000 after purchasing an additional 74 shares during the period. Advisory Alpha LLC lifted its stake in Phillips 66 by 4.8% in the second quarter. Advisory Alpha LLC now owns 1,648 shares of the oil and gas company’s stock valued at $233,000 after buying an additional 76 shares during the period. Pinnacle Wealth Management Advisory Group LLC boosted its stake in Phillips 66 by 1.8% during the second quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,363 shares of the oil and gas company’s stock worth $616,000 after acquiring an additional 77 shares in the last quarter. Finally, Krane Funds Advisors LLC increased its stake in Phillips 66 by 3.6% in the third quarter. Krane Funds Advisors LLC now owns 2,350 shares of the oil and gas company’s stock valued at $309,000 after purchasing an additional 82 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Bank of America started coverage on Phillips 66 in a research report on Thursday, October 17th. They issued a “buy” rating and a $156.00 target price for the company. Wolfe Research initiated coverage on Phillips 66 in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Mizuho decreased their price target 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. JPMorgan Chase & Co. dropped their price objective on shares of Phillips 66 from $160.00 to $141.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 2nd. Finally, TD Cowen decreased their target price on shares of Phillips 66 from $162.00 to $150.00 and set a “buy” rating for the company in a research report on Wednesday, September 11th. Five research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $149.69.

Phillips 66 Stock Performance

PSX traded down $0.69 during midday trading on Thursday, reaching $129.22. The company had a trading volume of 414,743 shares, compared to its average volume of 2,655,862. Phillips 66 has a 12-month low of $111.90 and a 12-month high of $174.08. The business has a 50-day moving average price of $129.68 and a two-hundred day moving average price of $136.00. The stock has a market cap of $53.37 billion, a PE ratio of 16.68, a P/E/G ratio of 4.18 and a beta of 1.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.83 and a current ratio of 1.21.

Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, October 29th. The oil and gas company reported $2.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a return on equity of 13.12% and a net margin of 2.24%. The business had revenue of $36.16 billion during the quarter, compared to the consensus estimate of $36.31 billion. During the same period last year, the business posted $4.63 earnings per share. The business’s revenue for the quarter was down 10.3% on a year-over-year basis. On average, sell-side analysts expect that Phillips 66 will post 7.63 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Monday, November 18th will be paid a dividend of $1.15 per share. The ex-dividend date is Monday, November 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.56%. 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.