Fayez Sarofim & Co. Raises Stake in Phillips 66 (PSX)
Fayez Sarofim & Co. boosted its position in Phillips 66 (NYSE:PSX) by 1.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 840,820 shares of the company’s stock after buying an additional 10,510 shares during the period. Fayez Sarofim & Co. owned 0.16% of Phillips 66 worth $66,711,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Emerald Acquisition Ltd. bought a new position in shares of Phillips 66 during the second quarter valued at approximately $64,384,000. Neuberger Berman Group LLC boosted its position in shares of Phillips 66 by 352.8% in the second quarter. Neuberger Berman Group LLC now owns 899,533 shares of the company’s stock valued at $71,369,000 after buying an additional 700,856 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Phillips 66 by 3.3% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,562,698 shares of the company’s stock valued at $1,155,404,000 after buying an additional 459,964 shares during the period. Bank of Montreal Can bought a new position in shares of Phillips 66 during the second quarter valued at approximately $31,281,000. Finally, PGGM Investments boosted its position in shares of Phillips 66 by 98.1% in the second quarter. PGGM Investments now owns 732,347 shares of the company’s stock valued at $58,104,000 after buying an additional 362,634 shares during the period. Institutional investors and hedge funds own 69.98% of the company’s stock.
Phillips 66 (NYSE:PSX) traded down 0.04% during midday trading on Wednesday, hitting $79.55. The company had a trading volume of 95,801 shares. The firm’s 50 day moving average is $78.34 and its 200-day moving average is $80.69. Phillips 66 has a 52 week low of $71.74 and a 52 week high of $94.12. The firm has a market capitalization of $41.59 billion, a P/E ratio of 13.77 and a beta of 1.38.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, beating the consensus estimate of $0.93 by $0.01. Phillips 66 had a return on equity of 13.44% and a net margin of 3.51%. During the same period in the prior year, the business earned $1.83 EPS. On average, equities research analysts expect that Phillips 66 will post $3.38 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 1st. Shareholders of record on Thursday, August 18th were given a dividend of $0.63 per share. The ex-dividend date was Tuesday, August 16th. This represents a $2.52 annualized dividend and a dividend yield of 3.17%. Phillips 66’s dividend payout ratio is currently 43.83%.
PSX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Phillips 66 from $80.00 to $79.00 and set a “neutral” rating for the company in a research report on Friday, June 10th. Morgan Stanley cut Phillips 66 from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $105.00 to $90.00 in a research report on Friday, June 17th. Vetr cut Phillips 66 from a “strong-buy” rating to a “buy” rating and set a $89.00 price objective for the company. in a research report on Wednesday, June 22nd. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Phillips 66 in a research report on Wednesday, June 29th. Finally, Zacks Investment Research cut Phillips 66 from a “hold” rating to a “strong sell” rating in a research report on Monday, July 4th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $85.52.
In related news, major shareholder Berkshire Hathaway Inc bought 17,910 shares of the company’s stock in a transaction on Thursday, September 15th. The shares were purchased at an average price of $77.52 per share, for a total transaction of $1,388,383.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Paula Ann Johnson sold 40,141 shares of the stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $79.57, for a total value of $3,194,019.37. The disclosure for this sale can be found here. Company insiders own 0.05% of the company’s stock.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing, and specialties businesses. The Company operates its business through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment includes its equity investment in DCP Midstream , LLC (DCP Midstream) and its investment in Phillips 66 Partners LP.
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