Hartland & Co. LLC raised its holdings in Phillips 66 (NYSE:PSX) by 78.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,153 shares of the oil and gas company’s stock after acquiring an additional 5,793 shares during the period. Hartland & Co. LLC’s holdings in Phillips 66 were worth $1,205,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Phillips 66 by 0.4% in the second quarter. Vanguard Group Inc. now owns 31,826,155 shares of the oil and gas company’s stock valued at $2,631,704,000 after buying an additional 130,653 shares during the period. BlackRock Inc. increased its holdings in shares of Phillips 66 by 0.7% during the second quarter. BlackRock Inc. now owns 28,025,035 shares of the oil and gas company’s stock valued at $2,317,389,000 after acquiring an additional 203,138 shares in the last quarter. State Street Corp increased its holdings in shares of Phillips 66 by 4.0% during the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after acquiring an additional 921,895 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Phillips 66 by 4.3% during the first quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,349,815 shares of the oil and gas company’s stock valued at $1,136,792,000 after acquiring an additional 585,176 shares in the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Phillips 66 by 0.9% during the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after acquiring an additional 71,098 shares in the last quarter. Institutional investors own 70.24% of the company’s stock.
Shares of Phillips 66 (PSX) traded up $0.74 during trading hours on Wednesday, reaching $98.27. The company’s stock had a trading volume of 1,820,100 shares, compared to its average volume of 2,205,543. The stock has a market capitalization of $49,887.64, a PE ratio of 28.11, a price-to-earnings-growth ratio of 2.50 and a beta of 1.24. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $99.35. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.85%. Phillips 66’s payout ratio is 70.18%.
Phillips 66 announced that its board has approved a share repurchase program on Monday, October 9th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
A number of research analysts have recently commented on PSX shares. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research report on Tuesday, October 10th. Goldman Sachs Group raised Phillips 66 from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $88.00 to $109.00 in a report on Tuesday, October 3rd. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target on the stock in a report on Monday, October 16th. Finally, Argus reaffirmed a “buy” rating and issued a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a report on Thursday, October 12th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $93.25.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is currently owned by insiders.
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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