Phillips 66 (PSX) Stake Decreased by KCM Investment Advisors LLC
KCM Investment Advisors LLC lessened its stake in shares of Phillips 66 (NYSE:PSX) by 16.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,069 shares of the oil and gas company’s stock after selling 585 shares during the quarter. KCM Investment Advisors LLC’s holdings in Phillips 66 were worth $254,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Jacobi Capital Management LLC increased its stake in Phillips 66 by 27.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 277 shares during the period. Motco increased its stake in Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after buying an additional 50 shares during the period. Westside Investment Management Inc. increased its stake in Phillips 66 by 239.2% in the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock valued at $110,000 after buying an additional 1,000 shares during the period. Farmers National Bank acquired a new position in Phillips 66 in the 1st quarter valued at $113,000. Finally, Ffcm LLC acquired a new position in Phillips 66 in the 2nd quarter valued at $113,000. Institutional investors and hedge funds own 69.54% of the company’s stock.
Phillips 66 (NYSE:PSX) opened at 94.34 on Friday. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $94.69. The firm has a 50-day moving average of $88.46 and a 200-day moving average of $82.24. The stock has a market capitalization of $48.26 billion, a price-to-earnings ratio of 28.23 and a beta of 1.19.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.07. The firm had revenue of $24.58 billion for the quarter, compared to analysts’ expectations of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same quarter last year, the business posted $0.94 EPS. Equities research analysts forecast that Phillips 66 will post $4.33 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a $0.70 dividend. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.97%. Phillips 66’s dividend payout ratio is currently 83.58%.
Phillips 66 declared that its Board of Directors has authorized a share buyback program on Monday, October 9th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s management believes its stock is undervalued.
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Several brokerages have issued reports on PSX. Zacks Investment Research cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday. Argus reissued a “buy” rating and issued a $108.00 price objective (up from $96.00) on shares of Phillips 66 in a research note on Thursday. Barclays PLC set a $95.00 price objective on shares of Phillips 66 and gave the company a “hold” rating in a research note on Tuesday. Goldman Sachs Group, Inc. (The) raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Finally, Scotiabank raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $89.00 to $98.00 in a research note on Saturday, September 30th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $92.67.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.50% of the company’s stock.
Phillips 66 Profile
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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