The Manufacturers Life Insurance Company cut its position in Phillips 66 (NYSE:PSX) by 9.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 501,842 shares of the oil and gas company’s stock after selling 54,683 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.10% of Phillips 66 worth $41,497,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently made changes to their positions in PSX. Jacobi Capital Management LLC boosted its holdings in shares of Phillips 66 by 27.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after purchasing an additional 277 shares in the last quarter. Motco boosted its holdings in shares of Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares in the last quarter. Westside Investment Management Inc. boosted its holdings in shares of Phillips 66 by 239.2% in the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after purchasing an additional 1,000 shares in the last quarter. Bruderman Asset Management LLC bought a new stake in shares of Phillips 66 in the 2nd quarter valued at about $112,000. Finally, Farmers National Bank bought a new stake in shares of Phillips 66 in the 1st quarter valued at about $113,000. Institutional investors own 69.64% of the company’s stock.
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A number of equities research analysts have recently weighed in on PSX shares. Piper Jaffray Companies reissued a “buy” rating and issued a $84.00 target price on shares of Phillips 66 in a research note on Friday, July 14th. Goldman Sachs Group, Inc. (The) raised Phillips 66 from a “neutral” rating to a “buy” rating and upped their price target for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research report on Tuesday, October 10th. Scotiabank reiterated a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Finally, Jefferies Group LLC downgraded Phillips 66 from a “hold” rating to an “underperform” rating and reduced their target price for the stock from $95.00 to $75.14 in a report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $93.33.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.50% of the stock is owned by company insiders.
Phillips 66 (NYSE PSX) traded down $0.76 during trading hours on Friday, reaching $93.66. The company’s stock had a trading volume of 1,347,700 shares, compared to its average volume of 2,239,510. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $48,296.85, a PE ratio of 27.21, a PEG ratio of 2.43 and a beta of 1.20. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $95.00.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion during the quarter, compared to analyst estimates of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same quarter last year, the business posted $1.05 earnings per share. research analysts forecast that Phillips 66 will post 4.58 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 2.99%. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 declared that its Board of Directors has approved a share repurchase program on Monday, October 9th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.
Phillips 66 Profile
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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