Rand Wealth LLC purchased a new stake in Phillips 66 (NYSE:PSX) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,277 shares of the oil and gas company’s stock, valued at approximately $209,000.
Other large investors also recently made changes to their positions in the company. Institute for Wealth Management LLC. acquired a new position in Phillips 66 in the second quarter valued at approximately $979,000. Blue Edge Capital LLC lifted its holdings in Phillips 66 by 3.2% in the second quarter. Blue Edge Capital LLC now owns 5,088 shares of the oil and gas company’s stock valued at $421,000 after acquiring an additional 160 shares during the period. Wells Fargo & Company MN lifted its holdings in Phillips 66 by 0.9% in the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after acquiring an additional 71,098 shares during the period. Great Lakes Advisors LLC lifted its holdings in Phillips 66 by 3.5% in the second quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after acquiring an additional 20,264 shares during the period. Finally, Bank of The Ozarks lifted its holdings in Phillips 66 by 7.0% in the first quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock valued at $700,000 after acquiring an additional 575 shares during the period. 69.58% of the stock is owned by institutional investors.
PSX has been the subject of a number of analyst reports. Piper Jaffray Companies reissued a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 target price for the company in a research note on Tuesday, October 10th. Goldman Sachs Group, Inc. (The) raised Phillips 66 from a “neutral” rating to a “buy” rating and upped their target price for the stock from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Argus reaffirmed a “buy” rating and set a $108.00 target price (up from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Finally, Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price for the company in a research note on Monday, October 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $93.33.
Shares of Phillips 66 (NYSE PSX) opened at $93.58 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $47,867.20, a price-to-earnings ratio of 26.97, a price-to-earnings-growth ratio of 2.43 and a beta of 1.20. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $95.00.
Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. The company had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same period in the prior year, the business earned $1.05 EPS. equities research analysts anticipate that Phillips 66 will post 4.54 earnings per share for the current year.
Phillips 66 declared that its Board of Directors has approved a stock buyback 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 buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
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 $0.70 dividend. This represents a $2.80 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s payout ratio is currently 70.18%.
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In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is owned by corporate insiders.
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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