Moors & Cabot Inc. increased its position in shares of Phillips 66 (NYSE:PSX) by 21.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,478 shares of the oil and gas company’s stock after purchasing an additional 1,838 shares during the period. Moors & Cabot Inc.’s holdings in Phillips 66 were worth $962,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in PSX. FMR LLC raised its position in shares of Phillips 66 by 37.1% during the 2nd quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after purchasing an additional 2,036,258 shares during the period. Clearbridge Investments LLC raised its position in shares of Phillips 66 by 4,771.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after purchasing an additional 1,396,918 shares during the period. Russell Investments Group Ltd. raised its position in shares of Phillips 66 by 81.2% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,608,000 shares of the oil and gas company’s stock valued at $132,965,000 after purchasing an additional 720,568 shares during the period. Vaughan David Investments Inc. IL increased its holdings in Phillips 66 by 5,820.5% in the 3rd quarter. Vaughan David Investments Inc. IL now owns 468,782 shares of the oil and gas company’s stock valued at $21,395,000 after acquiring an additional 460,864 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Phillips 66 by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,838,096 shares of the oil and gas company’s stock valued at $626,438,000 after acquiring an additional 422,652 shares during the last quarter. Hedge funds and other institutional investors own 70.24% of the company’s stock.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.50% of the company’s stock.
A number of analysts have issued reports on PSX shares. BidaskClub downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group reiterated a “hold” rating and issued a $78.00 price target on shares of Phillips 66 in a report on Tuesday, September 5th. Scotiabank reiterated a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Piper Jaffray Companies reiterated a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Finally, Howard Weil upgraded shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $86.00 to $98.00 in a report on Thursday, September 28th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $93.25.
Shares of Phillips 66 (NYSE PSX) traded down $0.44 during trading hours on Friday, hitting $99.55. 1,455,800 shares of the company’s stock were exchanged, compared to its average volume of 2,190,428. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $100.46. The stock has a market cap of $51,145.96, a PE ratio of 28.82, a P/E/G ratio of 2.57 and a beta of 1.24. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $29.94 billion. During the same period last year, the company posted $1.05 EPS. equities research analysts forecast that Phillips 66 will post 4.58 earnings per share for the current year.
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 repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.81%. Phillips 66’s payout ratio is currently 70.18%.
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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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