Public Employees Retirement System of Ohio trimmed its stake in shares of Phillips 66 (NYSE:PSX) by 3.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 301,367 shares of the oil and gas company’s stock after selling 9,340 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Phillips 66 worth $24,920,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of PSX. Institute for Wealth Management LLC. acquired a new position in Phillips 66 in the 2nd quarter worth $979,000. Blue Edge Capital LLC grew its position in shares of Phillips 66 by 3.2% during the 2nd quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock valued at $421,000 after buying an additional 160 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Phillips 66 by 0.9% during the 2nd 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 buying an additional 71,098 shares during the last quarter. Great Lakes Advisors LLC grew its position in Phillips 66 by 3.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock worth $49,919,000 after purchasing an additional 20,264 shares during the last quarter. Finally, Bank of The Ozarks grew its position in Phillips 66 by 7.0% in the 1st quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock worth $700,000 after purchasing an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 69.81% of the company’s stock.
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Several brokerages recently commented on PSX. Goldman Sachs Group, Inc. (The) upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and upped their price target for the company from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Tuesday, October 10th. Scotiabank reaffirmed a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Jefferies Group LLC cut shares of Phillips 66 from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $95.00 to $75.14 in a research report on Monday, October 16th. Finally, Barclays PLC set a $95.00 price objective on shares of Phillips 66 and gave the stock an “equal weight” rating in a research report on Tuesday, October 10th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $93.33.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction that occurred 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 document filed with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by company insiders.
Shares of Phillips 66 (NYSE:PSX) traded down $0.34 during mid-day trading on Tuesday, hitting $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 debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $95.00. The stock has a market capitalization of $47,040.00, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20.
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, beating 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 for the quarter, compared to analyst estimates of $29.94 billion. During the same quarter in the prior year, the business posted $1.05 EPS. research analysts forecast that Phillips 66 will post 4.58 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.00%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.53%.
Phillips 66 declared that its Board of Directors has authorized a stock repurchase plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.
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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