Traders Buy Shares of Phillips 66 (PSX) on Weakness
Investors purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading hours on Thursday. $48.24 million flowed into the stock on the tick-up and $28.72 million flowed out of the stock on the tick-down, for a money net flow of $19.52 million into the stock. Of all stocks tracked, Phillips 66 had the 51st highest net in-flow for the day. Phillips 66 traded down ($0.16) for the day and closed at $78.29
Several research firms recently commented on PSX. JPMorgan Chase & Co. cut their price objective on shares of Phillips 66 from $80.00 to $79.00 and set a “neutral” rating for the company in a report on Friday, June 10th. Vetr downgraded shares of Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price objective for the company. in a report on Tuesday, July 5th. Zacks Investment Research downgraded shares of Phillips 66 from a “hold” rating to a “strong sell” rating in a report on Monday, July 4th. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Phillips 66 in a report on Wednesday, June 29th. Finally, Morgan Stanley downgraded shares of Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $105.00 to $90.00 in a report on Friday, June 17th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. Phillips 66 currently has a consensus rating of “Hold” and an average target price of $85.46.
The stock has a market cap of $40.93 billion and a price-to-earnings ratio of 13.55. The stock has a 50 day moving average price of $77.15 and a 200 day moving average price of $80.88.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.01. During the same quarter in the prior year, the business earned $1.83 earnings per share. On average, equities research analysts expect that Phillips 66 will post $3.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were given a $0.63 dividend. The ex-dividend date was Tuesday, August 16th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.22%.
In related news, President Timothy Garth Taylor sold 50,000 shares of the company’s stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $78.00, for a total transaction of $3,900,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Berkshire Hathaway Inc bought 83,466 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were bought at an average price of $78.29 per share, with a total value of $6,534,553.14. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Phillips 66 stock. Dimensional Fund Advisors LP increased its position in Phillips 66 (NYSE:PSX) by 2.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,885,368 shares of the company’s stock after buying an additional 104,174 shares during the period. Dimensional Fund Advisors LP owned approximately 0.92% of Phillips 66 worth $399,627,000 at the end of the most recent reporting period.
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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