Cullen Frost Bankers Inc. Acquires 1,073 Shares of Phillips 66 (PSX)

Cullen Frost Bankers Inc. increased its holdings in shares of Phillips 66 (NYSE:PSX) by 8.1% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,364 shares of the oil and gas company’s stock after purchasing an additional 1,073 shares during the period. Cullen Frost Bankers Inc.’s holdings in Phillips 66 were worth $1,620,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in shares of Phillips 66 by 14.7% during the second quarter. Sei Investments Co. now owns 152,841 shares of the oil and gas company’s stock valued at $17,166,000 after purchasing an additional 19,537 shares in the last quarter. First Republic Investment Management Inc. boosted its stake in shares of Phillips 66 by 17.3% during the second quarter. First Republic Investment Management Inc. now owns 130,687 shares of the oil and gas company’s stock valued at $14,678,000 after purchasing an additional 19,279 shares in the last quarter. IFM Investors Pty Ltd boosted its stake in shares of Phillips 66 by 16.4% during the third quarter. IFM Investors Pty Ltd now owns 23,215 shares of the oil and gas company’s stock valued at $2,617,000 after purchasing an additional 3,268 shares in the last quarter. Bank of Nova Scotia boosted its stake in shares of Phillips 66 by 145.4% during the second quarter. Bank of Nova Scotia now owns 299,701 shares of the oil and gas company’s stock valued at $33,659,000 after purchasing an additional 177,556 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in shares of Phillips 66 by 4.2% during the second quarter. Northern Trust Corp now owns 5,506,365 shares of the oil and gas company’s stock valued at $618,420,000 after purchasing an additional 221,487 shares in the last quarter. Hedge funds and other institutional investors own 69.67% of the company’s stock.

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A number of research firms recently commented on PSX. Citigroup increased their target price on shares of Phillips 66 from $124.00 to $126.00 and gave the company a “neutral” rating in a research report on Wednesday, August 15th. Mizuho began coverage on shares of Phillips 66 in a research report on Wednesday, August 1st. They set a “neutral” rating and a $124.00 target price for the company. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a research report on Wednesday, August 1st. Jefferies Financial Group raised shares of Phillips 66 from an “underperform” rating to a “hold” rating and set a $108.00 target price for the company in a research report on Tuesday, October 16th. Finally, JPMorgan Chase & Co. raised shares of Phillips 66 from a “neutral” rating to an “overweight” rating and set a $138.00 target price for the company in a research report on Tuesday. They noted that the move was a valuation call. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Phillips 66 presently has an average rating of “Hold” and an average price target of $121.79.

NYSE PSX opened at $102.82 on Thursday. The firm has a market capitalization of $45.86 billion, a price-to-earnings ratio of 23.47, a P/E/G ratio of 1.43 and a beta of 1.00. Phillips 66 has a 12-month low of $89.14 and a 12-month high of $123.97. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.24 and a quick ratio of 0.82.

Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, October 26th. The oil and gas company reported $3.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.50 by $0.60. The business had revenue of $30.59 billion during the quarter, compared to analysts’ expectations of $28.50 billion. Phillips 66 had a net margin of 5.72% and a return on equity of 15.01%. During the same quarter last year, the company posted $1.66 earnings per share. As a group, equities analysts anticipate that Phillips 66 will post 8.26 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Shareholders of record on Monday, November 19th will be issued a $0.80 dividend. The ex-dividend date is Friday, November 16th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 3.11%. Phillips 66’s dividend payout ratio is currently 73.06%.