Traders Buy Shares of Phillips 66 (PSX) on Weakness
Investors bought shares of Phillips 66 (NYSE:PSX) on weakness during trading on Friday. $48.24 million flowed into the stock on the tick-up and $28.72 million flowed out of the stock on the tick-down, for a money net flow of $19.52 million into the stock. Of all companies tracked, Phillips 66 had the 33rd highest net in-flow for the day. Phillips 66 traded down ($0.16) for the day and closed at $78.29
PSX has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their price target on shares of Phillips 66 from $80.00 to $79.00 and set a “neutral” rating on the stock in a research note on Friday, June 10th. Morgan Stanley lowered shares of 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. Vetr lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 target price on the stock. in a research note on Wednesday, June 22nd. Goldman Sachs Group Inc. restated a “sell” rating on shares of Phillips 66 in a research note on Wednesday, June 29th. Finally, Zacks Investment Research lowered shares of Phillips 66 from a “hold” rating to a “strong sell” rating in a research note on Monday, July 4th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and an average price target of $85.46.
The firm has a 50 day moving average of $77.17 and a 200 day moving average of $80.88. The company has a market capitalization of $41.24 billion and a PE ratio of 13.65.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 29th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.93 by $0.01. During the same period last year, the business earned $1.83 EPS. On average, analysts anticipate that Phillips 66 will post $3.36 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Thursday, August 18th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend was Tuesday, August 16th.
In other Phillips 66 news, President Timothy Garth Taylor sold 50,000 shares of Phillips 66 stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $78.00, for a total transaction of $3,900,000.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Berkshire Hathaway Inc acquired 83,466 shares of the company’s stock in a transaction on Thursday, August 25th. The shares were acquired at an average price of $78.29 per share, for a total transaction of $6,534,553.14. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Phillips 66 stock. Dimensional Fund Advisors LP raised its stake in Phillips 66 (NYSE:PSX) by 2.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,885,368 shares of the company’s stock after buying an additional 104,174 shares during the period. Dimensional Fund Advisors LP owned about 0.92% of Phillips 66 worth $399,627,000 as of its most recent filing with the SEC.
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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