Phillips 66 (PSX) Sees Unusually-High Trading Volume
Phillips 66 (NYSE:PSX) saw an uptick in trading volume on Thursday . 2,496,967 shares changed hands during trading, a decline of 21% from the previous session’s volume of 3,156,322 shares.The stock last traded at $75.49 and had previously closed at $76.37.
A number of brokerages have recently issued reports on PSX. Vetr upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $93.62 target price for the company in a report on Monday, May 2nd. JPMorgan Chase & Co. reiterated a “hold” rating on shares of Phillips 66 in a report on Sunday, June 12th. Barclays PLC decreased their target price on Phillips 66 from $97.00 to $93.00 and set an “overweight” rating for the company in a report on Monday, May 2nd. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Phillips 66 in a report on Wednesday, June 29th. Finally, Zacks Investment Research cut Phillips 66 from a “hold” rating to a “sell” rating in a report on Tuesday, April 26th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Phillips 66 presently has a consensus rating of “Hold” and an average price target of $87.09.
The stock’s 50 day moving average is $79.32 and its 200-day moving average is $81.41. The stock has a market cap of $39.03 billion and a price-to-earnings ratio of 11.11.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, April 29th. The company reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.87 by $0.20. During the same period in the prior year, the firm earned $1.51 earnings per share. On average, equities research analysts predict that Phillips 66 will post $5.03 earnings per share for the current year.
In related news, Director William R. Loomis, Jr. acquired 12,680 shares of the stock in a transaction dated Monday, June 13th. The shares were acquired at an average price of $78.87 per share, with a total value of $1,000,071.60. Following the acquisition, the director now owns 12,680 shares in the company, valued at approximately $1,000,071.60. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Berkshire Hathaway Inc acquired 824,630 shares of the stock in a transaction dated Monday, May 23rd. The shares were bought at an average cost of $77.79 per share, for a total transaction of $64,147,967.70. The disclosure for this purchase can be found here.
Other hedge funds and institutional investors recently modified their holdings of the company. Adirondack Trust Co. raised 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 in the last quarter. Baxter Bros Inc. raised 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 in the last quarter. ARGI Investment Services LLC raised 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 in the last quarter. Geneva Advisors LLC raised 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 in 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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