AQR Capital Management LLC Has $49.10 Million Stake in Phillips 66 (PSX)
AQR Capital Management LLC cut its stake in Phillips 66 (NYSE:PSX) by 47.4% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 619,819 shares of the oil and gas company’s stock after selling 559,222 shares during the period. AQR Capital Management LLC’s holdings in Phillips 66 were worth $49,102,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Investment Centers of America Inc. boosted its stake in shares of Phillips 66 by 52.3% in the first quarter. Investment Centers of America Inc. now owns 27,396 shares of the oil and gas company’s stock valued at $2,174,000 after buying an additional 9,409 shares during the period. New England Asset Management Inc. acquired a new stake in shares of Phillips 66 during the first quarter valued at $104,095,000. Nomura Holdings Inc. boosted its stake in shares of Phillips 66 by 102.6% in the first quarter. Nomura Holdings Inc. now owns 4,455 shares of the oil and gas company’s stock valued at $353,000 after buying an additional 176,911 shares during the period. Sii Investments Inc. WI boosted its stake in shares of Phillips 66 by 2.4% in the first quarter. Sii Investments Inc. WI now owns 70,508 shares of the oil and gas company’s stock valued at $5,588,000 after buying an additional 1,638 shares during the period. Finally, State Street Corp boosted its stake in shares of Phillips 66 by 4.0% in the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after buying an additional 921,895 shares during the period. Institutional investors and hedge funds own 69.78% of the company’s stock.
Shares of Phillips 66 (NYSE PSX) traded down 0.18% during trading on Friday, hitting $83.49. 504,720 shares of the stock traded hands. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $88.87. The stock has a 50-day moving average of $82.97 and a 200 day moving average of $79.84. The company has a market cap of $42.71 billion, a P/E ratio of 24.97 and a beta of 1.22.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.07. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. The firm had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. During the same period in the prior year, the firm posted $0.94 earnings per share. On average, equities research analysts predict that Phillips 66 will post $4.05 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Wednesday, August 16th. Phillips 66’s payout ratio is 83.58%.
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Several brokerages have weighed in on PSX. Barclays PLC reiterated an “equal weight” rating and issued a $89.00 price objective (up previously from $87.00) on shares of Phillips 66 in a research note on Wednesday, August 2nd. Scotiabank set a $86.00 price objective on shares of Phillips 66 and gave the stock a “hold” rating in a research note on Tuesday, August 1st. Piper Jaffray Companies reiterated a “buy” rating and issued a $84.00 price objective on shares of Phillips 66 in a research note on Friday, July 14th. Zacks Investment Research cut shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, TheStreet upgraded shares of Phillips 66 from a “c” rating to a “b-” rating in a research note on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $83.53.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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