Twin Tree Management LP Acquires 17,850 Shares of Phillips 66 (PSX)
Twin Tree Management LP grew its holdings in Phillips 66 (NYSE:PSX) by 60.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 47,568 shares of the oil and gas company’s stock after acquiring an additional 17,850 shares during the quarter. Twin Tree Management LP’s holdings in Phillips 66 were worth $5,362,000 as of its most recent SEC filing.
Several other institutional investors have also made changes to their positions in PSX. Atlas Capital Advisors LLC raised its stake in Phillips 66 by 259.0% during the third quarter. Atlas Capital Advisors LLC now owns 15,177 shares of the oil and gas company’s stock worth $1,798,000 after acquiring an additional 10,950 shares in the last quarter. Todd Asset Management LLC raised its stake in Phillips 66 by 3.4% during the third quarter. Todd Asset Management LLC now owns 161,913 shares of the oil and gas company’s stock worth $18,251,000 after acquiring an additional 5,266 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in Phillips 66 by 0.3% during the third quarter. PNC Financial Services Group Inc. now owns 661,041 shares of the oil and gas company’s stock worth $74,512,000 after acquiring an additional 2,177 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in Phillips 66 during the third quarter worth about $441,000. Finally, Bank of New York Mellon Corp raised its stake in Phillips 66 by 0.6% during the third quarter. Bank of New York Mellon Corp now owns 6,429,513 shares of the oil and gas company’s stock worth $724,735,000 after acquiring an additional 36,370 shares in the last quarter. 72.57% of the stock is owned by institutional investors.
Several research analysts have commented on PSX shares. Wells Fargo & Co boosted their target price on Phillips 66 from $137.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, October 29th. Zacks Investment Research downgraded Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday, September 13th. JPMorgan Chase & Co. raised Phillips 66 from a “neutral” rating to an “overweight” rating and set a $138.00 target price for the company in a research note on Tuesday, October 30th. They noted that the move was a valuation call. Finally, Barclays raised Phillips 66 from an “underweight” rating to an “equal weight” rating and lowered their target price for the stock from $133.00 to $128.00 in a research note on Wednesday, October 3rd. Ten research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $122.66.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, October 26th. The oil and gas company reported $3.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.50 by $0.60. The company had revenue of $30.59 billion for the quarter, compared to analysts’ expectations of $28.50 billion. Phillips 66 had a return on equity of 14.97% and a net margin of 5.72%. During the same period in the previous year, the business posted $1.66 earnings per share. As a group, sell-side analysts anticipate that Phillips 66 will post 8.65 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Monday, November 19th will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend is Friday, November 16th. Phillips 66’s dividend payout ratio (DPR) is currently 73.06%.
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Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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