Integrated Wealth Management Cuts Position in Phillips 66 (PSX)
Integrated Wealth Management lowered its stake in shares of Phillips 66 (NYSE:PSX) by 3.1% during the second quarter, Holdings Channel reports. The institutional investor owned 10,519 shares of the company’s stock after selling 341 shares during the period. Integrated Wealth Management’s holdings in Phillips 66 were worth $835,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Smith Moore & CO. boosted its position in shares of Phillips 66 by 6.2% in the first quarter. Smith Moore & CO. now owns 9,263 shares of the company’s stock valued at $833,000 after buying an additional 540 shares in the last quarter. Carnick & Kubik LLC boosted its position in shares of Phillips 66 by 1.9% in the first quarter. Carnick & Kubik LLC now owns 11,871 shares of the company’s stock valued at $1,028,000 after buying an additional 224 shares in the last quarter. Wexford Capital LP bought a new position in shares of Phillips 66 during the first quarter valued at $467,000. Credit Agricole S A boosted its position in shares of 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 in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Phillips 66 by 151.8% in the first quarter. Canada Pension Plan Investment Board now owns 35,831 shares of the company’s stock valued at $3,103,000 after buying an additional 21,600 shares in the last quarter. Institutional investors own 69.97% of the company’s stock.
Phillips 66 (NYSE:PSX) traded up 0.58% during midday trading on Wednesday, hitting $80.05. The company had a trading volume of 1,072,257 shares. The stock has a 50 day moving average of $79.53 and a 200 day moving average of $79.69. Phillips 66 has a 52-week low of $71.74 and a 52-week high of $94.12. The firm has a market cap of $41.85 billion, a price-to-earnings ratio of 13.86 and a beta of 1.37.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, beating the 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 last year, the firm earned $1.83 EPS. On average, analysts anticipate that Phillips 66 will post $3.41 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be given a $0.63 dividend. This represents a $2.52 annualized dividend and a yield of 3.17%. The ex-dividend date of this dividend is Tuesday, November 15th. Phillips 66’s dividend payout ratio (DPR) is presently 43.83%.
PSX has been the subject of several recent research reports. Vetr cut Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price target for the company. in a research report on Wednesday, June 22nd. Goldman Sachs Group Inc. restated a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Zacks Investment Research cut Phillips 66 from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th. Wells Fargo & Co. cut Phillips 66 from an “outperform” rating to a “market perform” rating in a research report on Friday, July 8th. Finally, Howard Weil cut Phillips 66 from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $90.00 to $89.00 in a research report on Monday, July 11th. Fourteen equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $86.12.
In other Phillips 66 news, major shareholder Berkshire Hathaway Inc bought 290,116 shares of the company’s stock in a transaction dated Monday, August 22nd. The shares were acquired at an average cost of $77.04 per share, with a total value of $22,350,536.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.05% of the company’s stock.
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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