Principal Financial Group Inc. Lowers Position in Phillips 66 (PSX)
Principal Financial Group Inc. reduced its stake in shares of Phillips 66 (NYSE:PSX) by 0.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 647,581 shares of the company’s stock after selling 3,101 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Phillips 66 worth $51,378,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of PSX. National Pension Service boosted its position in Phillips 66 by 4.3% in the first quarter. National Pension Service now owns 303,287 shares of the company’s stock valued at $26,262,000 after buying an additional 12,508 shares in the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in Phillips 66 during the second quarter valued at about $225,000. Legal & General Group Plc increased its stake in shares of Phillips 66 by 3.1% in the first quarter. Legal & General Group Plc now owns 2,620,091 shares of the company’s stock valued at $226,871,000 after buying an additional 78,072 shares during the period. Raymond James Trust N.A. increased its stake in shares of Phillips 66 by 17.3% in the second quarter. Raymond James Trust N.A. now owns 45,126 shares of the company’s stock valued at $3,581,000 after buying an additional 6,648 shares during the period. Finally, Squarepoint Ops LLC increased its stake in shares of Phillips 66 by 58.4% in the first quarter. Squarepoint Ops LLC now owns 31,269 shares of the company’s stock valued at $2,708,000 after buying an additional 11,531 shares during the period. 69.99% of the stock is currently owned by institutional investors.
Phillips 66 (NYSE:PSX) traded down 0.44% during midday trading on Tuesday, reaching $80.00. 402,991 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $78.19 and a 200 day moving average price of $80.74. Phillips 66 has a 52 week low of $71.74 and a 52 week high of $94.12. The company has a market cap of $41.83 billion, a price-to-earnings ratio of 13.85 and a beta of 1.38.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Friday, July 29th. The company reported $0.94 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.01. Phillips 66 had a net margin of 3.51% and a return on equity of 13.44%. During the same quarter last year, the business earned $1.83 EPS. Analysts anticipate that Phillips 66 will post $3.38 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Thursday, August 18th were issued a dividend of $0.63 per share. The ex-dividend date was Tuesday, August 16th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.14%. Phillips 66’s payout ratio is 43.83%.
Several analysts have issued reports on the stock. JPMorgan Chase & Co. reissued a “hold” rating on shares of Phillips 66 in a research note on Sunday, June 12th. Morgan Stanley reissued a “hold” rating on shares of Phillips 66 in a research note on Monday, August 1st. Scotiabank downgraded shares of Phillips 66 from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $90.00 to $89.00 in a research note on Monday, July 11th. Vetr raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating and set a $87.87 target price on the stock in a research note on Monday, September 12th. Finally, Zacks Investment Research downgraded shares of Phillips 66 from a “hold” rating to a “strong sell” rating in a research note on Monday, July 4th. Two 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. Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $85.52.
In other Phillips 66 news, President Timothy Garth Taylor sold 50,000 shares of Phillips 66 stock in a transaction on Tuesday, June 28th. The shares were sold at an average price of $78.00, for a total value of $3,900,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Berkshire Hathaway Inc purchased 17,910 shares of the stock in a transaction on Thursday, September 15th. The stock was acquired at an average price of $77.52 per share, for a total transaction of $1,388,383.20. The disclosure for this purchase can be found here. Corporate insiders own 0.05% of the company’s stock.
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 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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