Alpine Woods Capital Investors LLC Sells 1,000 Shares of Phillips 66 (PSX)
Alpine Woods Capital Investors LLC cut its holdings in shares of Phillips 66 (NYSE:PSX) by 8.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,500 shares of the oil and gas company’s stock after selling 1,000 shares during the period. Alpine Woods Capital Investors LLC’s holdings in Phillips 66 were worth $1,054,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. Jacobi Capital Management LLC lifted its stake in Phillips 66 by 27.4% during the first 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 last quarter. Motco lifted its stake in Phillips 66 by 4.0% during the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares during the last quarter. Westside Investment Management Inc. lifted its stake in 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 worth $110,000 after purchasing an additional 1,000 shares during the last quarter. Bruderman Asset Management LLC bought a new stake in Phillips 66 during the second quarter worth $112,000. Finally, Farmers National Bank bought a new stake in Phillips 66 during the first quarter worth $113,000. Hedge funds and other institutional investors own 69.92% of the company’s stock.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the 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 is available through this hyperlink. Corporate insiders own 0.50% of the company’s stock.
Phillips 66 (NYSE:PSX) traded down $0.48 during midday trading on Wednesday, reaching $93.14. The company had a trading volume of 345,763 shares, compared to its average volume of 2,217,720. The firm has a market capitalization of $47,376.13, a P/E ratio of 26.69, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $95.00. 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 (NYSE:PSX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. The business had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period in the prior year, the business posted $1.05 earnings per share. sell-side analysts anticipate that Phillips 66 will post 4.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be issued a $0.70 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.01%. Phillips 66’s payout ratio is 70.18%.
Phillips 66 announced that its Board of Directors has approved a share buyback plan on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several equities research analysts have weighed in on PSX shares. Goldman Sachs Group, Inc. (The) upgraded Phillips 66 from a “neutral” rating to a “buy” rating and upped their target price for the stock from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Tuesday, October 10th. Scotiabank restated a “hold” rating on shares of Phillips 66 in a research note on Friday, September 8th. Jefferies Group LLC cut Phillips 66 from a “hold” rating to an “underperform” rating and cut their target price for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Finally, Barclays PLC set a $95.00 target price on Phillips 66 and gave the stock an “equal weight” rating in a research note on Tuesday, October 10th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $93.25.
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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