Traders Buy Shares of Phillips 66 (PSX) on Weakness
Traders purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading on Monday. $52.53 million flowed into the stock on the tick-up and $28.41 million flowed out of the stock on the tick-down, for a money net flow of $24.12 million into the stock. Of all stocks tracked, Phillips 66 had the 12th highest net in-flow for the day. Phillips 66 traded down ($1.08) for the day and closed at $76.97
PSX has been the topic of a number of analyst reports. Vetr raised Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.26 price target on the stock in a research report on Wednesday, July 6th. Howard Weil downgraded Phillips 66 from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $90.00 to $89.00 in a research report on Monday, July 11th. Wells Fargo & Co. downgraded Phillips 66 from an “outperform” rating to a “market perform” rating in a research report on Friday, July 8th. Morgan Stanley cut Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $105.00 to $90.00 in a research note on Friday, June 17th. Finally, Piper Jaffray Cos. upped their target price on Phillips 66 from $68.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $86.22.
The company has a market capitalization of $40.24 billion and a price-to-earnings ratio of 13.32. The stock has a 50-day moving average of $76.59 and a 200 day moving average of $80.78.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. During the same quarter in the prior year, the company earned $1.83 EPS. On average, equities research analysts anticipate that Phillips 66 will post $3.32 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 3.27%.
In other news, major shareholder Berkshire Hathaway Inc acquired 642,273 shares of the firm’s stock in a transaction dated Thursday, May 26th. The shares were purchased at an average cost of $79.76 per share, for a total transaction of $51,227,694.48. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William R. Loomis, Jr. acquired 12,680 shares of the firm’s stock in a transaction dated Monday, June 13th. The shares were purchased at an average price of $78.87 per share, for a total transaction of $1,000,071.60. Following the completion of the transaction, the director now directly owns 12,680 shares in the company, valued at $1,000,071.60. The disclosure for this purchase can be found here.
A number of institutional investors recently bought and sold shares of PSX. Kayne Anderson Capital Advisors LP boosted its position in Phillips 66 by 6.1% in the fourth quarter. Kayne Anderson Capital Advisors LP now owns 422,000 shares of the company’s stock valued at $34,514,000 after buying an additional 24,400 shares during the last quarter. Airain ltd bought a new position in Phillips 66 during the fourth quarter valued at $12,755,000. KBC Group NV boosted its position in Phillips 66 by 23.0% in the fourth quarter. KBC Group NV now owns 173,477 shares of the company’s stock valued at $14,190,000 after buying an additional 32,418 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Phillips 66 by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,885,368 shares of the company’s stock valued at $399,627,000 after buying an additional 104,174 shares during the last quarter. Finally, Matarin Capital Management LLC bought a new position in Phillips 66 during the fourth quarter valued at $2,105,000.
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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