Investors Buy Phillips 66 (PSX) on Weakness
Investors purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading on Friday. $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 equities tracked, Phillips 66 had the 33rd highest net in-flow for the day. Phillips 66 traded down ($0.16) for the day and closed at $78.29
A number of brokerages have commented on PSX. Scotiabank cut shares of Phillips 66 from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $90.00 to $89.00 in a research report on Monday, July 11th. Piper Jaffray Cos. increased their price target on shares of Phillips 66 from $68.00 to $74.00 and gave the company a “neutral” rating in a research report on Monday, August 22nd. Vetr reiterated a “strong-buy” rating on shares of Phillips 66 in a research report on Thursday, August 18th. TheStreet cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, July 21st. Finally, Morgan Stanley reiterated a “hold” rating on shares of Phillips 66 in a research report on Monday, August 1st. 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 issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $85.46.
The firm’s 50-day moving average is $77.17 and its 200 day moving average is $80.88. The company has a market capitalization of $41.24 billion and a PE ratio of 13.65.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, July 29th. The company reported $0.94 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.93 by $0.01. During the same period in the prior year, the company posted $1.83 EPS. Analysts anticipate that Phillips 66 will post $3.36 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Thursday, August 18th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 3.20%. The ex-dividend date was Tuesday, August 16th.
In other Phillips 66 news, Director William R. Loomis, Jr. acquired 12,680 shares of the business’s stock in a transaction on Monday, June 13th. The shares were bought at an average price of $78.87 per share, with a total value of $1,000,071.60. Following the transaction, the director now directly owns 12,680 shares of the company’s stock, valued at approximately $1,000,071.60. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Berkshire Hathaway Inc acquired 469,604 shares of the business’s stock in a transaction on Tuesday, June 7th. The stock was acquired at an average cost of $80.18 per share, for a total transaction of $37,652,848.72. The disclosure for this purchase can be found here.
An institutional investor recently raised its position in Phillips 66 stock. Dimensional Fund Advisors LP raised its stake in shares of Phillips 66 (NYSE:PSX) by 2.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund 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 quarter.
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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