Shell Asset Management Co. raised its position in Phillips 66 (NYSE:PSX) by 61.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,580 shares of the oil and gas company’s stock after buying an additional 33,046 shares during the quarter. Shell Asset Management Co.’s holdings in Phillips 66 were worth $7,040,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jacobi Capital Management LLC lifted its stake in Phillips 66 by 27.4% in the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after buying an additional 277 shares during the last quarter. Motco lifted its stake in Phillips 66 by 4.0% in 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 last quarter. Ffcm LLC purchased a new stake in Phillips 66 in the second quarter valued at approximately $113,000. Bruderman Asset Management LLC purchased a new stake in Phillips 66 in the second quarter valued at approximately $112,000. Finally, Meeder Asset Management Inc. purchased a new stake in Phillips 66 in the second quarter valued at approximately $116,000. Institutional investors own 69.58% of the company’s stock.
PSX has been the subject of a number of research reports. BidaskClub cut Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Jefferies Group LLC cut Phillips 66 from a “hold” rating to an “underperform” rating and reduced their price objective for the company from $95.00 to $75.14 in a research note on Monday, October 16th. Scotiabank set a $86.00 price objective on Phillips 66 and gave the company a “hold” rating in a research note on Tuesday, August 1st. Wells Fargo & Company reiterated a “market perform” rating and issued a $91.00 price objective (up previously from $84.00) on shares of Phillips 66 in a research note on Tuesday, October 17th. Finally, Zacks Investment Research lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. Phillips 66 has an average rating of “Hold” and a consensus price target of $93.33.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction that occurred 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 legal filing with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.
Phillips 66 (NYSE:PSX) last announced its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.60% 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 quarter last year, the business posted $1.05 EPS.
Phillips 66 announced that its board has approved a stock repurchase plan on Monday, October 9th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 3.07%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 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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