Traders Buy Shares of Phillips 66 (PSX) on Weakness
Traders purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading on Thursday. $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 51st highest net in-flow for the day. Phillips 66 traded down ($0.16) for the day and closed at $78.29
A number of equities research analysts have recently weighed in on PSX shares. Jefferies Group started coverage on Phillips 66 in a research report on Tuesday, August 23rd. They issued a “hold” rating and a $72.00 price objective on the stock. Morgan Stanley lowered Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $105.00 to $90.00 in a research report on Friday, June 17th. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Wells Fargo & Co. lowered Phillips 66 from an “outperform” rating to a “market perform” rating in a research report on Friday, July 8th. Finally, Barclays PLC lowered Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $93.00 to $86.00 in a research report on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $85.46.
The stock has a market capitalization of $41.24 billion and a P/E ratio of 13.65. The company has a 50 day moving average of $77.17 and a 200 day moving average of $80.88.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. During the same period in the prior year, the firm posted $1.83 earnings per share. On average, equities research analysts forecast that Phillips 66 will post $3.36 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Thursday, August 18th were paid a $0.63 dividend. The ex-dividend date of this dividend was Tuesday, August 16th. This represents a $2.52 annualized dividend and a yield of 3.20%.
In related news, major shareholder Berkshire Hathaway Inc bought 469,604 shares of the company’s stock in a transaction on Tuesday, June 7th. The shares were acquired at an average price of $80.18 per share, with a total value of $37,652,848.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William R. Loomis, Jr. bought 12,680 shares of the company’s stock in a transaction on Monday, June 13th. The shares were bought at an average cost of $78.87 per share, for a total transaction of $1,000,071.60. Following the transaction, the director now directly owns 12,680 shares in the company, valued at approximately $1,000,071.60. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Phillips 66 stock. Dimensional Fund Advisors LP increased its stake in shares of Phillips 66 (NYSE:PSX) by 2.2% during the fourth quarter, according to its most recent filing with the SEC. 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 0.92% of Phillips 66 worth $399,627,000 at the end of the most recent quarter.
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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