BRYN MAWR TRUST Co Has $508,000 Position in Phillips 66 (PSX)
BRYN MAWR TRUST Co lessened its holdings in Phillips 66 (NYSE:PSX) by 0.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,147 shares of the oil and gas company’s stock after selling 50 shares during the period. BRYN MAWR TRUST Co’s holdings in Phillips 66 were worth $508,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in PSX. BlackRock Inc. lifted its stake in shares of Phillips 66 by 2,329.3% in the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after purchasing an additional 26,676,647 shares during the last quarter. OppenheimerFunds Inc. lifted its position in Phillips 66 by 599.8% during the 1st quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock worth $364,472,000 after acquiring an additional 3,943,299 shares during the last quarter. Clearbridge Investments LLC lifted its position in Phillips 66 by 4,771.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock worth $112,983,000 after acquiring an additional 1,396,918 shares during the last quarter. New England Asset Management Inc. acquired a new position in Phillips 66 during the 1st quarter worth $104,095,000. Finally, State Street Corp lifted its position in Phillips 66 by 4.0% during the 1st quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock worth $1,908,079,000 after acquiring an additional 921,895 shares during the last quarter. 69.54% of the stock is owned by institutional investors and hedge funds.
PSX has been the subject of a number of research analyst reports. BidaskClub lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Scotiabank set a $86.00 target price on shares of Phillips 66 and gave the stock a “hold” rating in a research report on Tuesday, August 1st. Zacks Investment Research lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Argus reissued a “buy” rating and set a $108.00 target price (up previously from $96.00) on shares of Phillips 66 in a research report on Thursday. Finally, Howard Weil raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and upped their price objective for the company from $86.00 to $98.00 in a research report on Thursday, September 28th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $92.67.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.50% of the company’s stock.
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Shares of Phillips 66 (NYSE:PSX) opened at 94.43 on Monday. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $95.00. The company has a market capitalization of $48.30 billion, a PE ratio of 28.26 and a beta of 1.19. The firm’s 50-day moving average is $88.92 and its 200 day moving average is $82.43.
Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, beating the consensus estimate of $1.02 by $0.07. The firm had revenue of $24.58 billion for the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same period last year, the firm earned $0.94 EPS. On average, analysts anticipate that Phillips 66 will post $4.34 earnings per share for the current fiscal year.
Phillips 66 announced that its board has authorized a share buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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 issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.97%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is presently 83.58%.
Phillips 66 Company 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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