Farmers & Merchants Trust Co of Chambersburg PA increased its stake in shares of Phillips 66 (NYSE:PSX) by 6.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 25,181 shares of the oil and gas company’s stock after buying an additional 1,475 shares during the quarter. Phillips 66 comprises approximately 2.0% of Farmers & Merchants Trust Co of Chambersburg PA’s holdings, making the stock its 12th largest position. Farmers & Merchants Trust Co of Chambersburg PA’s holdings in Phillips 66 were worth $2,307,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Meeder Asset Management Inc. grew its stake in Phillips 66 by 4,061.9% during the 3rd quarter. Meeder Asset Management Inc. now owns 58,266 shares of the oil and gas company’s stock worth $5,338,000 after buying an additional 56,866 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Phillips 66 by 88.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,150 shares of the oil and gas company’s stock worth $472,000 after purchasing an additional 2,424 shares in the last quarter. Spirit of America Management Corp NY grew its stake in shares of Phillips 66 by 17.6% in the third quarter. Spirit of America Management Corp NY now owns 76,687 shares of the oil and gas company’s stock worth $7,025,000 after purchasing an additional 11,500 shares in the last quarter. Tompkins Financial Corp grew its stake in shares of Phillips 66 by 166.3% in the third quarter. Tompkins Financial Corp now owns 1,747 shares of the oil and gas company’s stock worth $160,000 after purchasing an additional 1,091 shares in the last quarter. Finally, Wendell David Associates Inc. bought a new position in shares of Phillips 66 in the third quarter worth $227,000. Hedge funds and other institutional investors own 69.58% of the company’s stock.
Several research analysts have recently issued reports on the company. Jefferies Group LLC cut Phillips 66 from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Argus reissued a “buy” rating and issued a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Zacks Investment Research cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Thursday, October 12th. Barclays PLC set a $95.00 price target on Phillips 66 and gave the stock an “equal weight” rating in a research note on Tuesday, October 10th. Finally, Goldman Sachs Group, Inc. (The) raised Phillips 66 from a “neutral” rating to a “buy” rating and increased their price target for the stock from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Two 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. The company presently has an average rating of “Hold” and an average target price of $93.33.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred 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 filing with the SEC, which is available at this link. 0.50% of the stock is currently owned by insiders.
Shares of Phillips 66 (NYSE:PSX) opened at $93.58 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.93. The firm has a market cap of $47.81 billion, a P/E ratio of 26.93, a price-to-earnings-growth ratio of 2.42 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The firm had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. During the same quarter in the previous year, the firm earned $1.05 EPS. sell-side analysts predict that Phillips 66 will post 4.54 EPS for the current fiscal year.
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 given a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.99%. The ex-dividend date is Thursday, November 16th. Phillips 66’s dividend payout ratio is presently 70.18%.
Phillips 66 announced that its board has authorized a stock repurchase program on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
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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