D.A. Davidson & CO. lessened its stake in Phillips 66 (NYSE:PSX) by 4.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 117,630 shares of the oil and gas company’s stock after selling 5,068 shares during the period. D.A. Davidson & CO.’s holdings in Phillips 66 were worth $10,776,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the stock. Institute for Wealth Management LLC. bought a new stake in shares of Phillips 66 during the 2nd quarter valued at $979,000. Blue Edge Capital LLC raised 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 acquiring an additional 160 shares during the last quarter. Wells Fargo & Company MN raised 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 acquiring an additional 71,098 shares during the last quarter. Great Lakes Advisors LLC raised its position in shares of Phillips 66 by 3.5% during the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after acquiring an additional 20,264 shares during the last quarter. Finally, Pennsylvania Trust Co raised its position in shares of Phillips 66 by 698.9% during the 2nd quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock valued at $4,033,000 after acquiring an additional 42,599 shares during the last quarter. Hedge funds and other institutional investors own 69.92% of the company’s stock.
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In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated 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 SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.
Several analysts have commented on PSX shares. UBS AG upped their target price on shares of Phillips 66 from $85.00 to $92.00 and gave the company a “neutral” rating in a research report on Wednesday, November 15th. BidaskClub cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Vetr cut shares of Phillips 66 from a “buy” rating to a “hold” rating and set a $97.16 target price for the company. in a research report on Thursday, November 2nd. Jefferies Group LLC lowered shares of Phillips 66 from a “hold” rating to an “underperform” rating and decreased their price target for the company from $95.00 to $75.14 in a report on Monday, October 16th. Finally, Scotiabank set a $86.00 price target on shares of Phillips 66 and gave the company a “hold” rating in a report on Tuesday, August 1st. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $93.25.
Shares of Phillips 66 (PSX) traded up $1.00 during mid-day trading on Wednesday, hitting $93.62. 1,509,000 shares of the stock were exchanged, compared to its average volume of 2,217,720. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. The company has a market cap of $47,376.13, a PE ratio of 26.69, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. Phillips 66 has a 12 month low of $75.14 and a 12 month 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, beating the Zacks’ consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same period in the prior year, the firm earned $1.05 EPS. research analysts anticipate that Phillips 66 will post 4.58 EPS for the current fiscal year.
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 $0.70 dividend. 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 payout ratio is 70.18%.
Phillips 66 declared that its board has authorized a stock buyback plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership 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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