Buckingham Capital Management Inc. Boosts Stake in Phillips 66 (PSX)
Buckingham Capital Management Inc. boosted its stake in Phillips 66 (NYSE:PSX) by 18.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,496 shares of the company’s stock after buying an additional 4,560 shares during the period. Buckingham Capital Management Inc.’s holdings in Phillips 66 were worth $2,340,000 as of its most recent SEC filing.
Several other hedge funds have also recently modified their holdings of the company. Cribstone Capital Management LLC bought a new position in Phillips 66 during the second quarter worth $114,000. Harel Insurance Investments & Financial Services Ltd. raised its position in Phillips 66 by 2,762.7% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,460 shares of the company’s stock worth $138,000 after buying an additional 1,409 shares during the period. Delphi Private Advisors LLC raised its position in Phillips 66 by 1.0% in the second quarter. Delphi Private Advisors LLC now owns 1,781 shares of the company’s stock worth $141,000 after buying an additional 18 shares during the period. Bruderman Asset Management LLC raised its position in Phillips 66 by 3.1% in the second quarter. Bruderman Asset Management LLC now owns 1,850 shares of the company’s stock worth $147,000 after buying an additional 56 shares during the period. Finally, Trust Co. of Vermont raised its position in Phillips 66 by 5.7% in the second quarter. Trust Co. of Vermont now owns 1,926 shares of the company’s stock worth $153,000 after buying an additional 103 shares during the period. Hedge funds and other institutional investors own 69.98% of the company’s stock.
Phillips 66 (NYSE:PSX) opened at 80.03 on Friday. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $94.12. The stock has a market cap of $41.84 billion, a P/E ratio of 13.85 and a beta of 1.38. The stock has a 50 day moving average price of $78.49 and a 200-day moving average price of $80.68.
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 Zacks’ consensus estimate of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same period in the prior year, the company earned $1.83 earnings per share. On average, equities analysts expect that Phillips 66 will post $3.38 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.15%. The ex-dividend date of this dividend was Tuesday, August 16th. Phillips 66’s dividend payout ratio is currently 43.83%.
A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. reissued a “hold” rating on shares of Phillips 66 in a research note on Sunday, June 12th. Cowen and Company raised Phillips 66 from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $76.15 to $92.00 in a research note on Wednesday, August 3rd. Scotiabank lowered Phillips 66 from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $90.00 to $89.00 in a research note on Monday, July 11th. Goldman Sachs Group Inc. reissued a “sell” rating on shares of Phillips 66 in a research note on Wednesday, June 29th. Finally, Vetr lowered Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price objective on the stock. in a research note on Wednesday, June 29th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.52.
In related news, President Timothy Garth Taylor sold 50,000 shares of Phillips 66 stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $78.00, for a total value of $3,900,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Berkshire Hathaway Inc bought 17,910 shares of Phillips 66 stock in a transaction that occurred on Thursday, September 15th. The stock was purchased at an average price of $77.52 per share, for a total transaction of $1,388,383.20. The disclosure for this purchase can be found here. 0.05% of the stock is owned by insiders.
Phillips 66 Company Profile
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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