Foundation Resource Management Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 12.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 204,349 shares of the oil and gas company’s stock after selling 28,558 shares during the period. Phillips 66 comprises 3.7% of Foundation Resource Management Inc.’s investment portfolio, making the stock its 11th largest holding. Foundation Resource Management Inc.’s holdings in Phillips 66 were worth $20,670,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Phillips 66 by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 31,826,155 shares of the oil and gas company’s stock valued at $2,631,704,000 after buying an additional 130,653 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Phillips 66 by 0.7% in the 2nd quarter. BlackRock Inc. now owns 28,025,035 shares of the oil and gas company’s stock valued at $2,317,389,000 after buying an additional 203,138 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Phillips 66 by 0.9% in 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 in the last quarter. FMR LLC boosted its holdings in shares of Phillips 66 by 37.1% in 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 buying an additional 2,036,258 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of 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 buying an additional 422,652 shares in the last quarter. 70.12% of the stock is currently owned by institutional investors.
PSX has been the subject of a number of recent research reports. Cowen restated a “buy” rating and set a $101.00 price objective on shares of Phillips 66 in a research report on Tuesday, October 17th. Vetr upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective for the company in a research report on Monday, October 16th. Zacks Investment Research upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price objective for the company in a research report on Tuesday, October 10th. Goldman Sachs Group upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $98.00 price objective on shares of Phillips 66 in a research report on Tuesday, September 26th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $96.66.
In other news, VP Chukwuemeka A. Oyolu sold 2,700 shares of Phillips 66 stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $100.25, for a total transaction of $270,675.00. Following the sale, the vice president now owns 2,700 shares in the company, valued at $270,675. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.50% of the company’s stock.
Phillips 66 (NYSE PSX) traded down $1.47 during trading hours on Wednesday, reaching $103.50. 2,601,200 shares of the company’s stock traded hands, compared to its average volume of 1,499,740. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $105.09. The stock has a market cap of $53,870.00, a P/E ratio of 26.07, a P/E/G ratio of 1.63 and a beta of 1.24. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $29.94 billion. During the same period last year, the company earned $1.05 earnings per share. sell-side analysts predict that Phillips 66 will post 4.43 EPS for the current year.
Phillips 66 announced that its board has initiated a share repurchase plan on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.
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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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