Farmers & Merchants Trust Co of Chambersburg PA increased its position in shares of Phillips 66 (NYSE:PSX) by 6.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,181 shares of the oil and gas company’s stock after purchasing an additional 1,475 shares during the period. Phillips 66 accounts for 2.0% of Farmers & Merchants Trust Co of Chambersburg PA’s portfolio, making the stock its 12th largest holding. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in Phillips 66 were worth $2,307,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Jacobi Capital Management LLC raised its position in shares of Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after purchasing an additional 277 shares during the period. Motco increased its holdings in 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 acquiring an additional 50 shares during the last quarter. Ffcm LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $113,000. Bruderman Asset Management LLC bought a new stake in Phillips 66 in the 2nd quarter valued at $112,000. Finally, Meeder Asset Management Inc. bought a new stake in Phillips 66 in the 2nd quarter valued at $116,000. Hedge funds and other institutional investors own 69.81% of the company’s stock.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is currently owned by insiders.
PSX has been the topic of a number of research reports. Goldman Sachs Group, Inc. (The) upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and lifted their price target for the company from $88.00 to $109.00 in a report on Tuesday, October 3rd. Zacks Investment Research upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Tuesday, October 10th. Scotiabank reiterated a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Jefferies Group LLC downgraded shares of Phillips 66 from a “hold” rating to an “underperform” rating and reduced their price target for the company from $95.00 to $75.14 in a report on Monday, October 16th. Finally, Barclays PLC set a $95.00 price target on shares of Phillips 66 and gave the company an “equal weight” rating in a report on Tuesday, October 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $93.33.
Phillips 66 (NYSE PSX) opened at $93.66 on Monday. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $95.00. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. The company has a market cap of $47,460.00, a PE ratio of 26.99, a P/E/G ratio of 2.41 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results 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 firm had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the previous year, the company earned $1.05 EPS. analysts predict that Phillips 66 will post 4.58 earnings per share for the current 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 paid a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.99%. Phillips 66’s dividend payout ratio is presently 70.53%.
Phillips 66 announced that its board has initiated a stock repurchase 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
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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