Phillips 66 (PSX) Shares Down 2.7%
Shares of Phillips 66 (NYSE:PSX) dropped 2.7% during mid-day trading on Wednesday . The company traded as low as $74.84 and last traded at $75.83, with a volume of 2,991,675 shares changing hands. The stock had previously closed at $77.93.
PSX has been the topic of a number of research analyst reports. Raymond James Financial Inc. boosted their target price on Phillips 66 from $86.00 to $92.00 in a research report on Tuesday, March 15th. Simmons cut their target price on Phillips 66 from $74.00 to $68.00 in a research report on Tuesday, April 12th. Vetr lowered Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $95.50 target price on the stock. in a research report on Monday, April 11th. Morgan Stanley lowered Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $105.00 to $90.00 in a research report on Friday, June 17th. Finally, Zacks Investment Research raised Phillips 66 from a “sell” rating to a “hold” rating in a research report on Tuesday, March 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. Phillips 66 has an average rating of “Hold” and a consensus price target of $87.21.
The company has a 50-day moving average price of $79.49 and a 200 day moving average price of $81.50. The stock has a market capitalization of $40.14 billion and a PE ratio of 11.43.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, April 29th. The company reported $0.67 EPS for the quarter, missing the Zacks’ consensus estimate of $0.87 by $0.20. During the same quarter in the previous year, the firm earned $1.51 EPS. Analysts expect that Phillips 66 will post $5.07 EPS for the current year.
In related news, CEO Greg C. Garland sold 62,500 shares of the business’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $79.95, for a total transaction of $4,996,875.00. Following the transaction, the chief executive officer now directly owns 146,660 shares of the company’s stock, valued at $11,725,467. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Berkshire Hathaway Inc acquired 469,604 shares of the stock in a transaction that occurred on Tuesday, June 7th. The shares were bought at an average cost of $80.18 per share, for a total transaction of $37,652,848.72. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors recently made changes to their positions in the company. Adirondack Trust Co. increased its position in shares of Phillips 66 by 0.7% in the fourth quarter. Adirondack Trust Co. now owns 12,565 shares of the company’s stock worth $1,007,000 after buying an additional 91 shares during the last quarter. Baxter Bros Inc. increased its position in shares of Phillips 66 by 0.6% in the fourth quarter. Baxter Bros Inc. now owns 13,215 shares of the company’s stock worth $1,081,000 after buying an additional 79 shares during the last quarter. ARGI Investment Services LLC increased its position in shares of Phillips 66 by 251.6% in the fourth quarter. ARGI Investment Services LLC now owns 14,675 shares of the company’s stock worth $1,200,000 after buying an additional 10,501 shares during the last quarter. Geneva Advisors LLC increased its position in shares of Phillips 66 by 32.1% in the fourth quarter. Geneva Advisors LLC now owns 14,790 shares of the company’s stock worth $1,210,000 after buying an additional 3,596 shares during the last quarter. Finally, Seven Bridges Advisors LLC bought a new position in shares of Phillips 66 during the fourth quarter worth approximately $1,267,000.
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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