Phillips 66 (PSX) Position Raised by Chemung Canal Trust Co.
Chemung Canal Trust Co. boosted its stake in Phillips 66 (NYSE:PSX) by 220.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,316 shares of the company’s stock after buying an additional 9,163 shares during the period. Chemung Canal Trust Co.’s holdings in Phillips 66 were worth $1,057,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. State Street Corp raised its position in Phillips 66 by 1.5% in the first quarter. State Street Corp now owns 23,555,046 shares of the company’s stock valued at $2,039,627,000 after buying an additional 358,052 shares during the last quarter. Legal & General Group Plc raised its position in Phillips 66 by 3.1% in the first quarter. Legal & General Group Plc now owns 2,620,091 shares of the company’s stock valued at $226,871,000 after buying an additional 78,072 shares during the last quarter. Credit Agricole S A raised its position in Phillips 66 by 39.2% in the first quarter. Credit Agricole S A now owns 1,286,433 shares of the company’s stock valued at $111,393,000 after buying an additional 362,468 shares during the last quarter. PGGM Investments raised its position in Phillips 66 by 98.1% in the second quarter. PGGM Investments now owns 732,347 shares of the company’s stock valued at $58,104,000 after buying an additional 362,634 shares during the last quarter. Finally, Alta Capital Management LLC raised its position in Phillips 66 by 3.6% in the second quarter. Alta Capital Management LLC now owns 604,729 shares of the company’s stock valued at $47,979,000 after buying an additional 21,093 shares during the last quarter. 69.97% of the stock is currently owned by institutional investors and hedge funds.
Phillips 66 (NYSE:PSX) traded up 0.69% during trading on Tuesday, hitting $79.69. 524,899 shares of the company’s stock traded hands. Phillips 66 has a 52-week low of $71.74 and a 52-week high of $94.12. The company has a market cap of $41.67 billion, a PE ratio of 13.79 and a beta of 1.37. The company’s 50 day moving average price is $79.51 and its 200 day moving average price is $79.74.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter in the prior year, the business posted $1.83 earnings per share. Analysts expect that Phillips 66 will post $3.41 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date is Tuesday, November 15th. Phillips 66’s dividend payout ratio is currently 43.83%.
A number of brokerages have weighed in on PSX. Jefferies Group began coverage on shares of Phillips 66 in a research note on Tuesday, August 23rd. They issued a “hold” rating and a $72.00 price target on the stock. Zacks Investment Research raised shares of Phillips 66 from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 28th. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Phillips 66 in a research note on Wednesday, June 29th. Wells Fargo & Co. lowered shares of Phillips 66 from an “outperform” rating to a “market perform” rating in a research note on Friday, July 8th. Finally, Vetr lowered shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $87.42 price target on the stock. in a research note on Tuesday, September 13th. Fourteen equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Phillips 66 presently has an average rating of “Hold” and a consensus target price of $86.12.
In other news, major shareholder Berkshire Hathaway Inc bought 290,116 shares of the business’s stock in a transaction that occurred on Monday, August 22nd. The shares were bought at an average cost of $77.04 per share, for a total transaction of $22,350,536.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.05% of the stock is owned by corporate insiders.
About Phillips 66
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.
Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX).
Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with MarketBeat.com's FREE daily email newsletter.