Sumitomo Mitsui Trust Holdings Inc. Has $115.23 Million Holdings in Phillips 66 (PSX)
Sumitomo Mitsui Trust Holdings Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 2.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,257,808 shares of the oil and gas company’s stock after selling 31,855 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.25% of Phillips 66 worth $115,228,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in 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 worth $100,000 after purchasing an additional 277 shares during the period. Motco increased its stake in shares of Phillips 66 by 4.0% during the second 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 shares of Phillips 66 by 239.2% during the first 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. Bruderman Asset Management LLC purchased a new position in shares of Phillips 66 during the second quarter valued at approximately $112,000. Finally, Farmers National Bank purchased a new position in shares of Phillips 66 during the first quarter valued at approximately $113,000. 69.81% of the stock is currently owned by institutional investors and hedge funds.
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In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’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 SEC, which is available through the SEC website. Insiders own 0.50% of the company’s stock.
PSX has been the topic of several research analyst reports. Wells Fargo & Company reissued a “market perform” rating and set a $91.00 target price (up from $84.00) on shares of Phillips 66 in a research note on Tuesday, October 17th. Howard Weil raised Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $86.00 to $98.00 in a research note on Thursday, September 28th. J P Morgan Chase & Co boosted their target price on Phillips 66 from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, October 30th. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price on the stock in a research note on Tuesday, October 10th. Finally, Vetr raised 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. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $93.25.
Phillips 66 (NYSE:PSX) traded down $0.26 during trading on Thursday, reaching $92.57. The company’s stock had a trading volume of 1,765,900 shares, compared to its average volume of 2,230,854. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $95.00. The company has a market capitalization of $46,910.00, a P/E ratio of 26.75, a price-to-earnings-growth ratio of 2.39 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The business had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. During the same period in the previous year, the company posted $1.05 earnings per share. equities analysts expect that Phillips 66 will post 4.58 EPS for the current fiscal year.
Phillips 66 announced that its board has approved a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be issued a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is 70.53%.
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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