Pinnacle Associates Ltd. Acquires 635 Shares of Phillips 66 (PSX)

Pinnacle Associates Ltd. increased its holdings in Phillips 66 (NYSE:PSX) by 1.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 46,090 shares of the oil and gas company’s stock after purchasing an additional 635 shares during the period. Pinnacle Associates Ltd.’s holdings in Phillips 66 were worth $4,222,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of PSX. BlackRock Inc. increased its holdings in shares of Phillips 66 by 2,329.3% during the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock worth $2,204,052,000 after buying an additional 26,676,647 shares in the last quarter. FMR LLC increased its holdings in shares of Phillips 66 by 37.1% during the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock worth $621,890,000 after buying an additional 2,036,258 shares in the last quarter. Clearbridge Investments LLC increased its holdings in shares of Phillips 66 by 4,771.9% during the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock worth $112,983,000 after buying an additional 1,396,918 shares in the last quarter. New England Asset Management Inc. acquired a new stake in shares of Phillips 66 during the first quarter worth approximately $104,095,000. Finally, State Street Corp increased its holdings in shares of Phillips 66 by 4.0% during the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock worth $1,908,079,000 after buying an additional 921,895 shares in the last quarter. 70.19% of the stock is owned by hedge funds and other institutional investors.

In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’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 value of $102,531.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by company insiders.

Several analysts have recently weighed in on PSX shares. BidaskClub lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Jefferies Group reaffirmed a “hold” rating and set a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. Scotiabank reaffirmed a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $98.00 price objective on shares of Phillips 66 in a report on Tuesday, September 26th. Finally, Howard Weil raised shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $86.00 to $98.00 in a report on Thursday, September 28th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $93.25.

Phillips 66 (NYSE PSX) traded up $0.01 on Friday, hitting $97.57. 2,329,597 shares of the stock traded hands, compared to its average volume of 1,593,167. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $98.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86. The company has a market capitalization of $49,908.13, a PE ratio of 28.12, a P/E/G ratio of 2.51 and a beta of 1.24.

Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The business had revenue of $26.21 billion for the quarter, compared to analysts’ expectations of $29.94 billion. During the same period in the prior year, the firm earned $1.05 earnings per share. sell-side analysts anticipate that Phillips 66 will post 4.59 EPS for the current fiscal year.

Phillips 66 declared that its Board of Directors has initiated a share 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 purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were paid a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.87%. Phillips 66’s payout ratio is presently 70.18%.

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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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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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