Phillips 66 (PSX) Stake Boosted by Vanguard Group Inc.
Vanguard Group Inc. increased its holdings in shares of Phillips 66 (NYSE:PSX) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,826,155 shares of the oil and gas company’s stock after purchasing an additional 130,653 shares during the period. Vanguard Group Inc. owned approximately 6.22% of Phillips 66 worth $2,631,704,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Jacobi Capital Management LLC lifted its holdings in shares of Phillips 66 by 27.4% during 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 purchasing an additional 277 shares in the last quarter. Motco lifted its holdings in shares of Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 50 shares in the last quarter. Ffcm LLC bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $113,000. Bruderman Asset Management LLC bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $112,000. Finally, Meeder Asset Management Inc. bought a new position in shares of Phillips 66 during the 2nd quarter valued at about $116,000. Institutional investors and hedge funds own 69.54% of the company’s stock.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.50% of the company’s stock.
Phillips 66 (NYSE:PSX) opened at 90.87 on Tuesday. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $95.00. The company’s 50 day moving average price is $88.92 and its 200-day moving average price is $82.43. The firm has a market capitalization of $46.48 billion, a price-to-earnings ratio of 27.19 and a beta of 1.19.
Phillips 66 (NYSE:PSX) last released its earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The business had revenue of $24.58 billion during the quarter, compared to the consensus estimate of $25.14 billion. During the same period last year, the business posted $0.94 earnings per share. On average, equities analysts anticipate that Phillips 66 will post $4.34 earnings per share for the current fiscal year.
Phillips 66 announced that its board has initiated a share buyback program on Monday, October 9th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 83.58%.
Several equities analysts have recently weighed in on the company. Barclays PLC set a $95.00 price objective on Phillips 66 and gave the company an “equal weight” rating in a report on Tuesday, October 10th. Jefferies Group LLC cut Phillips 66 from a “hold” rating to an “underperform” rating and cut their target price for the company from $95.00 to $75.14 in a research note on Monday. Vetr upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price on the stock in a research note on Monday. Cowen and Company restated a “buy” rating and issued a $101.00 target price on shares of Phillips 66 in a research note on Tuesday. Finally, Scotiabank restated a “hold” rating and issued a $86.00 target price on shares of Phillips 66 in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $93.38.
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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