Sterling Capital Management LLC lifted its holdings in Phillips 66 (NYSE:PSX) by 356.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 91,445 shares of the oil and gas company’s stock after acquiring an additional 71,408 shares during the period. Sterling Capital Management LLC’s holdings in Phillips 66 were worth $8,377,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of PSX. Motco raised its position 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 acquiring an additional 50 shares in the last quarter. Bruderman Asset Management LLC bought a new position in shares of Phillips 66 in the 2nd quarter worth about $112,000. Ffcm LLC bought a new position in shares of Phillips 66 in the 2nd quarter worth about $113,000. Meeder Asset Management Inc. bought a new position in shares of Phillips 66 in the 2nd quarter worth about $116,000. Finally, FNY Managed Accounts LLC bought a new position in shares of Phillips 66 in the 1st quarter worth about $127,000. 70.24% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on PSX. US Capital Advisors lowered Phillips 66 from an “overweight” rating to a “hold” rating in a research report on Monday, December 4th. Jefferies Group lowered Phillips 66 from a “hold” rating to an “underperform” rating and lowered their price objective for the stock from $95.00 to $75.14 in a research report on Monday, October 16th. Zacks Investment Research lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Argus reissued a “buy” rating and issued a $108.00 price objective (up from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Finally, Piper Jaffray Companies set a $93.00 target price on Phillips 66 and gave the company a “buy” rating in a research note on Monday, November 13th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Phillips 66 has a consensus rating of “Hold” and a consensus price target of $93.25.
Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period last year, the business posted $1.05 EPS. equities research analysts predict that Phillips 66 will post 4.58 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were paid a dividend of $0.70 per share. The ex-dividend date was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.81%. Phillips 66’s dividend payout ratio (DPR) is currently 70.18%.
Phillips 66 declared that its board has initiated a share repurchase plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.
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About Phillips 66
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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