Viking Fund Management LLC Cuts Position in Phillips 66 (PSX)
Viking Fund Management LLC reduced its stake in Phillips 66 (NYSE:PSX) by 36.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 140,000 shares of the company’s stock after selling 80,000 shares during the period. Phillips 66 makes up approximately 1.9% of Viking Fund Management LLC’s portfolio, making the stock its 24th largest position. Viking Fund Management LLC’s holdings in Phillips 66 were worth $11,277,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in PSX. Cribstone Capital Management LLC acquired a new position in shares of Phillips 66 during the second quarter worth about $114,000. Harel Insurance Investments & Financial Services Ltd. raised its position in shares of 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 shares of 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. Farmers National Bank acquired a new position in shares of Phillips 66 during the second quarter worth about $141,000. Finally, Bruderman Asset Management LLC raised its position in shares of 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. Institutional investors and hedge funds own 68.27% of the company’s stock.
Shares of Phillips 66 (NYSE:PSX) traded up 1.43% during trading on Wednesday, hitting $83.57. The stock had a trading volume of 1,752,797 shares. The stock has a 50-day moving average of $81.36 and a 200 day moving average of $79.18. Phillips 66 has a 12-month low of $71.74 and a 12-month high of $93.00. The firm has a market cap of $43.53 billion, a price-to-earnings ratio of 21.88 and a beta of 1.35.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 28th. The company reported $1.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.88 by $0.17. Phillips 66 had a return on equity of 8.86% and a net margin of 2.43%. During the same quarter last year, the firm earned $3.02 earnings per share. On average, analysts predict that Phillips 66 will post $3.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, December 1st. Shareholders of record on Thursday, November 17th will be paid a dividend of $0.63 per share. The ex-dividend date is Tuesday, November 15th. This represents a $2.52 annualized dividend and a yield of 3.06%. Phillips 66’s dividend payout ratio is presently 66.14%.
A number of brokerages have weighed in on PSX. Cowen and Company upgraded Phillips 66 from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $76.15 to $92.00 in a report on Wednesday, August 3rd. Vetr lowered Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $87.83 price objective on the stock. in a report on Monday, August 8th. Piper Jaffray Cos. raised their price objective on Phillips 66 from $68.00 to $74.00 and gave the company a “neutral” rating in a report on Monday, August 22nd. Jefferies Group began coverage on Phillips 66 in a report on Tuesday, August 23rd. They issued a “hold” rating and a $72.00 price objective on the stock. Finally, TheStreet upgraded Phillips 66 from a “hold” rating to a “buy” rating in a report on Monday, August 29th. Fourteen 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. The company currently has an average rating of “Hold” and a consensus price target of $86.12.
In other news, major shareholder Berkshire Hathaway Inc purchased 1,019,974 shares of the company’s stock in a transaction on Wednesday, September 14th. The stock was bought at an average cost of $77.21 per share, for a total transaction of $78,752,192.54. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Lawrence Michael Ziemba sold 72,630 shares of the company’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $80.20, for a total value of $5,824,926.00. The disclosure for this sale can be found here. Company insiders own 0.05% of the company’s stock.
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.
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