Moody Lynn & Lieberson LLC cut its stake in Phillips 66 (NYSE:PSX) by 38.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,744 shares of the oil and gas company’s stock after selling 23,848 shares during the period. Moody Lynn & Lieberson LLC’s holdings in Phillips 66 were worth $3,549,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its holdings in Phillips 66 by 2,329.3% during the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock worth $2,204,052,000 after buying an additional 26,676,647 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in Phillips 66 by 599.8% during the 1st quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock worth $364,472,000 after buying an additional 3,943,299 shares during the last quarter. FMR LLC lifted its holdings in Phillips 66 by 37.1% during the 2nd quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock worth $621,890,000 after buying an additional 2,036,258 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Phillips 66 by 4,771.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock worth $112,983,000 after buying an additional 1,396,918 shares during the last quarter. Finally, New England Asset Management Inc. purchased a new stake in Phillips 66 during the 1st quarter worth about $104,095,000. Hedge funds and other institutional investors own 69.81% of the company’s stock.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred on Tuesday, September 19th. The stock was 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 SEC, which is accessible through this hyperlink. Insiders own 0.50% of the company’s stock.
Shares of Phillips 66 (NYSE PSX) traded down $0.34 during mid-day trading on Tuesday, reaching $93.32. The company had a trading volume of 1,264,800 shares, compared to its average volume of 2,235,059. The firm has a market cap of $47,908.10, a PE ratio of 26.99, a PEG ratio of 2.41 and a beta of 1.20. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $95.00. 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 issued its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same quarter in the previous year, the firm posted $1.05 EPS. equities research analysts predict that Phillips 66 will post 4.58 earnings per share for the current year.
Phillips 66 declared that its board has initiated a stock buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 3.00%. The ex-dividend date is Thursday, November 16th. Phillips 66’s payout ratio is 70.18%.
A number of analysts have issued reports on PSX shares. Wells Fargo & Company reaffirmed a “market perform” rating and set a $91.00 price target (up from $84.00) on shares of Phillips 66 in a report on Tuesday, October 17th. Howard Weil upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $86.00 to $98.00 in a research report on Thursday, September 28th. J P Morgan Chase & Co lifted their target price on Phillips 66 from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research report on Tuesday, October 10th. Finally, Argus reiterated a “buy” rating and set a $108.00 target price (up previously from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. Phillips 66 has a consensus rating of “Hold” and a consensus price target of $93.02.
Phillips 66 Company 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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