Massachusetts Financial Services Co. MA Grows Stock Position in Phillips 66 $PSX

Massachusetts Financial Services Co. MA raised its holdings in shares of Phillips 66 (NYSE:PSX) by 1.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 1,011,751 shares of the oil and gas company’s stock after purchasing an additional 16,156 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Phillips 66 were worth $120,702,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PSX. Wolff Wiese Magana LLC grew its position in shares of Phillips 66 by 62.1% in the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 82 shares during the last quarter. Pinpoint Asset Management Ltd acquired a new position in shares of Phillips 66 during the 1st quarter worth approximately $29,000. Webster Bank N. A. lifted its stake in Phillips 66 by 58.8% in the 2nd quarter. Webster Bank N. A. now owns 270 shares of the oil and gas company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Nova Wealth Management Inc. acquired a new stake in Phillips 66 during the 1st quarter valued at $37,000. Finally, GKV Capital Management Co. Inc. increased its position in Phillips 66 by 111.5% during the first quarter. GKV Capital Management Co. Inc. now owns 330 shares of the oil and gas company’s stock worth $41,000 after buying an additional 174 shares in the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PSX. Mizuho boosted their price target on Phillips 66 from $140.00 to $142.00 and gave the stock a “neutral” rating in a report on Monday, September 15th. BMO Capital Markets boosted their target price on shares of Phillips 66 from $152.00 to $160.00 in a research note on Tuesday, November 11th. Morgan Stanley raised their price target on shares of Phillips 66 from $128.00 to $140.00 and gave the stock an “equal weight” rating in a research note on Friday, October 3rd. Wells Fargo & Company boosted their price objective on shares of Phillips 66 from $154.00 to $162.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, Wall Street Zen raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, November 1st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and thirteen have given a Hold rating to the company. According to data from MarketBeat, Phillips 66 has a consensus rating of “Hold” and an average price target of $145.71.

Insider Buying and Selling at Phillips 66

In other news, CFO Kevin J. Mitchell sold 30,000 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $138.00, for a total transaction of $4,140,000.00. Following the completion of the sale, the chief financial officer directly owned 89,771 shares in the company, valued at $12,388,398. This represents a 25.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the stock in a transaction on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the transaction, the executive vice president directly owned 34,587 shares in the company, valued at $4,842,180. This trade represents a 11.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,786 shares of company stock valued at $5,348,075 over the last three months. Corporate insiders own 0.22% of the company’s stock.

Phillips 66 Stock Down 3.9%

PSX opened at $136.79 on Tuesday. Phillips 66 has a 12 month low of $91.01 and a 12 month high of $143.25. The business has a 50-day moving average of $134.10 and a two-hundred day moving average of $126.43. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. The stock has a market capitalization of $55.11 billion, a price-to-earnings ratio of 37.37, a price-to-earnings-growth ratio of 1.81 and a beta of 1.08.

Phillips 66 (NYSE:PSX) last released its earnings results on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.38. Phillips 66 had a net margin of 1.12% and a return on equity of 5.51%. The business had revenue of $33.69 billion for the quarter, compared to analysts’ expectations of $32.29 billion. During the same period last year, the company earned $2.04 earnings per share. On average, research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Phillips 66 Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be issued a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Monday, November 17th. Phillips 66’s dividend payout ratio (DPR) is 131.15%.

Phillips 66 Profile

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.