Phillips 66 (PSX) Stake Cut by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. reduced its position in Phillips 66 (NYSE:PSX) by 1.4% during the third quarter, Holdings Channel reports. The fund owned 755,504 shares of the company’s stock after selling 10,812 shares during the period. PNC Financial Services Group Inc.’s holdings in Phillips 66 were worth $60,856,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Aberdeen Asset Management PLC UK raised its position in shares of Phillips 66 by 1.2% in the second quarter. Aberdeen Asset Management PLC UK now owns 269,229 shares of the company’s stock valued at $21,361,000 after buying an additional 3,289 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in shares of Phillips 66 by 9.9% in the second quarter. State Board of Administration of Florida Retirement System now owns 732,963 shares of the company’s stock valued at $58,153,000 after buying an additional 65,973 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of Phillips 66 during the second quarter valued at about $31,281,000. Todd Asset Management LLC raised its position in shares of Phillips 66 by 8.6% in the second quarter. Todd Asset Management LLC now owns 579,706 shares of the company’s stock valued at $45,994,000 after buying an additional 45,926 shares in the last quarter. Finally, Creative Planning raised its position in shares of Phillips 66 by 1.4% in the third quarter. Creative Planning now owns 80,260 shares of the company’s stock valued at $6,465,000 after buying an additional 1,121 shares in the last quarter. Institutional investors and hedge funds own 68.27% of the company’s stock.
Shares of Phillips 66 (NYSE:PSX) opened at 82.71 on Tuesday. The company has a market cap of $43.08 billion, a PE ratio of 21.66 and a beta of 1.35. The firm’s 50 day moving average is $81.36 and its 200 day moving average is $79.18. Phillips 66 has a 12 month low of $71.74 and a 12 month high of $93.00.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, October 28th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.17. Phillips 66 had a net margin of 2.43% and a return on equity of 8.86%. During the same quarter last year, the business posted $3.02 EPS. On average, equities analysts predict that Phillips 66 will post $3.42 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, November 15th. This represents a $2.52 annualized dividend and a dividend yield of 2.98%. Phillips 66’s dividend payout ratio is 66.14%.
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Several equities analysts recently issued reports on the company. Vetr lowered Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $87.77 price target on the stock. in a research note on Monday, September 19th. Piper Jaffray Cos. boosted their price target on Phillips 66 from $68.00 to $74.00 and gave the company a “neutral” rating in a research note on Monday, August 22nd. Barclays PLC restated an “equal weight” rating and set a $84.00 price target (down from $86.00) on shares of Phillips 66 in a research note on Monday, October 10th. TheStreet upgraded Phillips 66 from a “hold” rating to a “buy” rating in a research note on Monday, August 29th. Finally, Jefferies Group set a $72.00 price objective on Phillips 66 and gave the company a “hold” rating in a report on Saturday, October 15th. Fourteen investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Phillips 66 currently has an average rating of “Hold” and an average target price of $86.12.
In related news, major shareholder Berkshire Hathaway Inc bought 1,019,974 shares of the business’s stock in a transaction on Wednesday, September 14th. The shares were purchased at an average price of $77.21 per share, for a total transaction of $78,752,192.54. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Timothy Garth Taylor sold 27,260 shares of the firm’s stock in a transaction that occurred on Wednesday, November 16th. The shares were sold at an average price of $82.91, for a total transaction of $2,260,126.60. Following the completion of the sale, the president now owns 68,878 shares in the company, valued at approximately $5,710,674.98. The disclosure for this sale can be found here. Corporate 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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