Comerica Securities Inc. lowered its stake in Phillips 66 (NYSE:PSX) by 16.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,555 shares of the oil and gas company’s stock after selling 704 shares during the period. Comerica Securities Inc.’s holdings in Phillips 66 were worth $282,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in PSX. Norges Bank purchased a new position in shares of Phillips 66 during the fourth quarter worth about $465,132,000. Swiss National Bank boosted its position in shares of Phillips 66 by 26.7% in the first quarter. Swiss National Bank now owns 1,661,114 shares of the oil and gas company’s stock worth $131,593,000 after buying an additional 350,100 shares during the last quarter. Karp Capital Management Corp purchased a new position in shares of Phillips 66 during the first quarter worth about $19,057,000. Wells Fargo & Company MN boosted its position in shares of Phillips 66 by 2.5% in the first quarter. Wells Fargo & Company MN now owns 8,350,941 shares of the oil and gas company’s stock worth $661,561,000 after buying an additional 205,952 shares during the last quarter. Finally, Stifel Financial Corp boosted its position in shares of Phillips 66 by 73.5% in the first quarter. Stifel Financial Corp now owns 471,487 shares of the oil and gas company’s stock worth $37,441,000 after buying an additional 199,703 shares during the last quarter. Institutional investors and hedge funds own 69.09% of the company’s stock.
Phillips 66 (PSX) opened at 81.96 on Wednesday. Phillips 66 has a one year low of $73.82 and a one year high of $88.87. The firm has a 50-day moving average price of $80.13 and a 200 day moving average price of $79.74. The company has a market cap of $42.30 billion, a price-to-earnings ratio of 25.43 and a beta of 1.23.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, April 28th. The oil and gas company reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.53. Phillips 66 had a return on equity of 5.98% and a net margin of 1.86%. The firm had revenue of $23.71 billion for the quarter, compared to the consensus estimate of $22.30 billion. During the same quarter in the prior year, the business earned $0.67 EPS. Equities analysts expect that Phillips 66 will post $3.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be issued a dividend of $0.70 per share. The ex-dividend date is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.42%. Phillips 66’s dividend payout ratio (DPR) is 86.96%.
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PSX has been the subject of a number of recent research reports. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $87.00 target price on shares of Phillips 66 in a report on Thursday, April 20th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $88.00 target price on shares of Phillips 66 in a report on Thursday, May 25th. Scotiabank set a $86.00 target price on Phillips 66 and gave the stock a “hold” rating in a report on Monday, May 1st. Jefferies Group LLC set a $74.00 target price on Phillips 66 and gave the stock a “hold” rating in a report on Wednesday, April 19th. Finally, US Capital Advisors reaffirmed a “buy” rating on shares of Phillips 66 in a report on Monday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $84.12.
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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