National Asset Management Inc. reduced its position in Phillips 66 (NYSE:PSX) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,209 shares of the oil and gas company’s stock after selling 2,573 shares during the period. National Asset Management Inc.’s holdings in Phillips 66 were worth $1,589,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently modified their holdings of the company. BB&T Investment Services Inc. purchased a new stake in shares of Phillips 66 during the second quarter worth $138,000. Nomura Holdings Inc. grew its holdings in shares of Phillips 66 by 669.3% in the second quarter. Nomura Holdings Inc. now owns 34,273 shares of the oil and gas company’s stock valued at $2,825,000 after purchasing an additional 29,818 shares during the period. Cypress Capital Management LLC grew its holdings in shares of Phillips 66 by 3.8% in the second quarter. Cypress Capital Management LLC now owns 11,799 shares of the oil and gas company’s stock valued at $976,000 after purchasing an additional 434 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Phillips 66 by 13.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 334,730 shares of the oil and gas company’s stock valued at $27,680,000 after purchasing an additional 39,789 shares during the period. Finally, Laurel Wealth Advisors Inc. grew its holdings in shares of Phillips 66 by 0.6% in the second quarter. Laurel Wealth Advisors Inc. now owns 19,058 shares of the oil and gas company’s stock valued at $1,575,000 after purchasing an additional 105 shares during the period. 69.81% of the stock is owned by institutional investors.
PSX has been the topic of a number of recent analyst reports. Scotiabank set a $86.00 price target on shares of Phillips 66 and gave the stock a “hold” rating in a research report on Tuesday, August 1st. Barclays PLC reaffirmed an “equal weight” rating and issued a $89.00 target price (up previously from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. BidaskClub lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Jefferies Group LLC reiterated a “hold” rating and issued a $78.00 price target on shares of Phillips 66 in a research note on Tuesday, September 5th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a research note on Tuesday, September 26th. Three research analysts have rated the stock with a sell rating, six have given a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $93.33.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred on 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 document filed with the SEC, which can be accessed through the SEC website. 0.50% of the stock is currently owned by insiders.
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Phillips 66 (NYSE PSX) traded down $0.34 on Tuesday, reaching $93.32. The company’s stock had a trading volume of 1,264,800 shares, compared to its average volume of 2,235,059. 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 stock has a market cap of $47,040.00, a PE ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $95.00.
Phillips 66 (NYSE:PSX) last issued 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. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The business had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. During the same quarter in the previous year, the business earned $1.05 EPS. equities research analysts predict that Phillips 66 will post 4.58 EPS for the current year.
Phillips 66 announced that its Board of Directors has authorized a share buyback plan on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th will be issued a dividend of $0.70 per share. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is currently 70.53%.
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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