Prudential Financial Inc. lessened its holdings in shares of Phillips 66 (NYSE:PSX) by 8.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 702,075 shares of the oil and gas company’s stock after selling 61,950 shares during the period. Prudential Financial Inc. owned approximately 0.14% of Phillips 66 worth $64,318,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the stock. Smith Moore & CO. raised its holdings in shares of Phillips 66 by 22.0% during the third quarter. Smith Moore & CO. now owns 8,646 shares of the oil and gas company’s stock worth $792,000 after purchasing an additional 1,558 shares during the last quarter. American Century Companies Inc. purchased a new position in shares of Phillips 66 during the third quarter worth $5,569,000. Gabelli Funds LLC raised its holdings in shares of Phillips 66 by 19.2% during the third quarter. Gabelli Funds LLC now owns 298,000 shares of the oil and gas company’s stock worth $27,300,000 after purchasing an additional 48,100 shares during the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of Phillips 66 by 9.0% during the third quarter. Gamco Investors INC. ET AL now owns 42,512 shares of the oil and gas company’s stock worth $3,895,000 after purchasing an additional 3,500 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its holdings in shares of Phillips 66 by 43.2% during the third quarter. State of Tennessee Treasury Department now owns 171,862 shares of the oil and gas company’s stock worth $15,744,000 after purchasing an additional 51,877 shares during the last quarter. 69.64% of the stock is owned by hedge funds and other institutional investors.
PSX has been the subject of several recent research reports. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a report on Tuesday, October 10th. Goldman Sachs Group, Inc. (The) upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and raised their price target for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Piper Jaffray Companies restated a “buy” rating and set a $98.00 price target on shares of Phillips 66 in a research report on Tuesday, September 26th. Argus restated a “buy” rating and set a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Finally, Vetr upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target on the stock in a research report on Monday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $93.33.
Shares of Phillips 66 (NYSE PSX) opened at $93.66 on Friday. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00. The stock has a market cap of $48,296.85, a PE ratio of 27.21, a PEG ratio of 2.43 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86.
Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The business had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. During the same quarter last year, the business earned $1.05 earnings per share. sell-side analysts forecast that Phillips 66 will post 4.58 EPS for the current year.
The firm 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 dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.99%. Phillips 66’s payout ratio is presently 70.18%.
Phillips 66 declared that its board has authorized a share repurchase program on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.
Phillips 66 Company 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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