Comerica Securities Inc. boosted its stake in Phillips 66 (NYSE:PSX) by 26.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,487 shares of the oil and gas company’s stock after purchasing an additional 932 shares during the period. Comerica Securities Inc.’s holdings in Phillips 66 were worth $371,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of PSX. Jacobi Capital Management LLC grew its position 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 boosted its stake 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 worth $108,000 after acquiring an additional 50 shares during the last quarter. Westside Investment Management Inc. boosted its stake in shares of Phillips 66 by 239.2% during the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock worth $110,000 after acquiring an additional 1,000 shares during the last quarter. Farmers National Bank purchased a new position in shares of Phillips 66 during the 1st quarter worth $113,000. Finally, Ffcm LLC purchased a new position in shares of Phillips 66 during the 2nd quarter worth $113,000. 69.54% of the stock is owned by institutional investors and hedge funds.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.50% of the stock is currently owned by company insiders.
Phillips 66 (NYSE:PSX) opened at 94.34 on Friday. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $94.69. The stock has a market cap of $48.26 billion, a PE ratio of 28.23 and a beta of 1.19. The company’s 50 day moving average is $88.46 and its 200-day moving average is $82.24.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.07. The company 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 quarter last year, the business earned $0.94 earnings per share. Equities research analysts forecast that Phillips 66 will post $4.33 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 2.97%. Phillips 66’s dividend payout ratio is presently 83.58%.
Phillips 66 announced that its board has approved a stock 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. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
Several brokerages have recently weighed in on PSX. Zacks Investment Research cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday. Argus reiterated a “buy” rating and set a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a research note on Thursday. Barclays PLC set a $95.00 price target on shares of Phillips 66 and gave the stock a “hold” rating in a research note on Tuesday. Goldman Sachs Group, Inc. (The) upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Finally, Scotiabank upgraded shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $89.00 to $98.00 in a research note on Saturday, September 30th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $92.67.
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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