Ingalls & Snyder LLC trimmed its position in shares of Phillips 66 (NYSE:PSX) by 5.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 52,699 shares of the oil and gas company’s stock after selling 3,266 shares during the quarter. Ingalls & Snyder LLC’s holdings in Phillips 66 were worth $4,828,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PSX. Guardian Life Insurance Co. of America lifted its position in shares of Phillips 66 by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,708 shares of the oil and gas company’s stock valued at $135,000 after acquiring an additional 11 shares in the last quarter. Joel Isaacson & Co. LLC lifted its position in shares of Phillips 66 by 0.4% in the second quarter. Joel Isaacson & Co. LLC now owns 3,821 shares of the oil and gas company’s stock valued at $316,000 after acquiring an additional 14 shares in the last quarter. Hudock Capital Group LLC lifted its position in shares of Phillips 66 by 0.6% in the second quarter. Hudock Capital Group LLC now owns 2,509 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 16 shares in the last quarter. Good Life Advisors LLC lifted its position in shares of Phillips 66 by 0.3% in the second quarter. Good Life Advisors LLC now owns 6,198 shares of the oil and gas company’s stock valued at $511,000 after acquiring an additional 17 shares in the last quarter. Finally, Northwest Quadrant Wealth Management LLC lifted its position in shares of Phillips 66 by 0.6% in the first quarter. Northwest Quadrant Wealth Management LLC now owns 2,862 shares of the oil and gas company’s stock valued at $228,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 69.58% of the company’s stock.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction dated Tuesday, September 19th. The stock was 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 through the SEC website. 0.50% of the stock is owned by company insiders.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating 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 company had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. During the same period last year, the company earned $1.05 earnings per share.
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 dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 3.00%. Phillips 66’s dividend payout ratio (DPR) is currently 70.18%.
Phillips 66 declared that its board has approved a share repurchase program 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 purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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Several analysts have recently issued reports on PSX shares. Zacks Investment Research downgraded Phillips 66 from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Piper Jaffray Companies restated a “buy” rating and issued a $84.00 price objective on shares of Phillips 66 in a research report on Friday, July 14th. Scotiabank set a $86.00 price objective on Phillips 66 and gave the company a “hold” rating in a research report on Tuesday, August 1st. Barclays PLC reiterated an “equal weight” rating and issued a $89.00 target price (up from $87.00) on shares of Phillips 66 in a research note on Wednesday, August 2nd. Finally, BidaskClub lowered Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Phillips 66 has an average rating of “Hold” and an average price target of $93.33.
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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