Acadian Asset Management LLC grew its stake in Phillips 66 (NYSE:PSX) by 94.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 668,397 shares of the oil and gas company’s stock after purchasing an additional 324,680 shares during the quarter. Acadian Asset Management LLC owned about 0.13% of Phillips 66 worth $67,606,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of PSX. Rowland & Co. Investment Counsel ADV acquired a new position in shares of Phillips 66 in the 4th quarter valued at $102,000. Motco lifted its stake 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 valued at $108,000 after purchasing an additional 50 shares during the period. Bruderman Asset Management LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $112,000. Ffcm LLC acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $113,000. Finally, Mountain Capital Investment Advisors Inc acquired a new position in shares of Phillips 66 in the 2nd quarter valued at $127,000. 70.12% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on PSX. Morgan Stanley reissued an “equal weight” rating on shares of Phillips 66 in a research note on Thursday, January 11th. Credit Suisse Group initiated coverage on Phillips 66 in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $108.00 price objective on the stock. Barclays reaffirmed a “sell” rating and set a $111.00 price objective on shares of Phillips 66 in a research note on Wednesday, January 10th. Piper Jaffray Companies set a $93.00 price objective on Phillips 66 and gave the stock a “buy” rating in a research note on Monday, November 13th. Finally, Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective on the stock in a research note on Monday, November 27th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Phillips 66 has a consensus rating of “Hold” and an average target price of $96.66.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the company earned $1.05 EPS. equities analysts forecast that Phillips 66 will post 4.36 earnings per share for the current year.
Phillips 66 declared that its Board of Directors has authorized a stock buyback plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $100.25, for a total transaction of $270,675.00. Following the completion of the transaction, the vice president now owns 2,700 shares in the company, valued at approximately $270,675. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.50% of the stock is currently owned by corporate 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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