Sowell Financial Services LLC boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,407 shares of the oil and gas company’s stock after acquiring an additional 729 shares during the period. Sowell Financial Services LLC’s holdings in Phillips 66 were worth $591,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Jacobi Capital Management LLC raised its position in shares of Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 277 shares during the last quarter. Motco grew its holdings in Phillips 66 by 4.0% in the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 50 shares during the period. Westside Investment Management Inc. grew its holdings in Phillips 66 by 239.2% in the first quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 1,000 shares during the period. Bruderman Asset Management LLC purchased a new stake in Phillips 66 in the second quarter valued at approximately $112,000. Finally, Farmers National Bank purchased a new stake in Phillips 66 in the first quarter valued at approximately $113,000. Institutional investors own 69.81% of the company’s stock.
PSX has been the subject of several analyst reports. Scotiabank set a $86.00 target price on shares of Phillips 66 and gave the company a “hold” rating in a research note on Tuesday, August 1st. Barclays PLC reaffirmed an “equal weight” rating and issued a $89.00 price target (up from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. BidaskClub cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $78.00 price target on shares of Phillips 66 in a report on Tuesday, September 5th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $93.25.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.50% of the stock is currently owned by company insiders.
Shares of Phillips 66 (NYSE PSX) traded up $0.43 during midday trading on Friday, reaching $92.87. The company’s stock had a trading volume of 546,139 shares, compared to its average volume of 1,830,000. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00. The firm has a market cap of $47,060.00, a price-to-earnings ratio of 26.68, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, beating the consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period last year, the company earned $1.05 earnings per share. research analysts expect that Phillips 66 will post 4.58 EPS for the current year.
Phillips 66 declared that its Board of Directors has initiated a share buyback program on Monday, October 9th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The company 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 $0.70 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 3.01%. Phillips 66’s dividend payout ratio is presently 70.53%.
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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