Burney Co. Sells 2,192 Shares of Phillips 66 (PSX)
Burney Co. reduced its position in Phillips 66 (NYSE:PSX) by 10.4% in the first quarter, HoldingsChannel.com reports. The fund owned 18,855 shares of the oil and gas company’s stock after selling 2,192 shares during the quarter. Burney Co.’s holdings in Phillips 66 were worth $1,809,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PSX. Prudential Financial Inc. boosted its position in shares of Phillips 66 by 106.2% in the first quarter. Prudential Financial Inc. now owns 1,308,086 shares of the oil and gas company’s stock valued at $125,471,000 after acquiring an additional 673,671 shares during the period. Mackenzie Financial Corp bought a new position in shares of Phillips 66 in the fourth quarter valued at approximately $37,580,000. Acadian Asset Management LLC boosted its position in shares of Phillips 66 by 94.5% in the fourth quarter. Acadian Asset Management LLC now owns 668,397 shares of the oil and gas company’s stock valued at $67,606,000 after acquiring an additional 324,680 shares during the period. Eaton Vance Management boosted its position in shares of Phillips 66 by 19.4% in the fourth quarter. Eaton Vance Management now owns 1,980,794 shares of the oil and gas company’s stock valued at $200,357,000 after acquiring an additional 321,404 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Phillips 66 by 3.8% in the fourth quarter. Bank of New York Mellon Corp now owns 7,098,574 shares of the oil and gas company’s stock valued at $718,021,000 after acquiring an additional 260,478 shares during the period. Institutional investors own 77.73% of the company’s stock.
PSX has been the subject of a number of analyst reports. ValuEngine lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, April 2nd. Citigroup raised their price objective on shares of Phillips 66 from $92.00 to $94.00 and gave the company a “neutral” rating in a research report on Tuesday, March 13th. Credit Suisse Group restated a “neutral” rating and issued a $110.00 price objective on shares of Phillips 66 in a research report on Wednesday, March 7th. Deutsche Bank cut their price objective on shares of Phillips 66 from $106.00 to $102.00 and set a “hold” rating for the company in a research report on Monday, March 19th. Finally, JPMorgan Chase raised their price objective on shares of Phillips 66 from $108.00 to $109.00 and gave the company a “neutral” rating in a research report on Monday, April 9th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and eight have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $104.72.
Phillips 66 (NYSE:PSX) last announced its earnings results on Friday, April 27th. The oil and gas company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.13. Phillips 66 had a net margin of 4.85% and a return on equity of 10.00%. The business had revenue of $24.05 billion during the quarter, compared to analyst estimates of $29.23 billion. During the same period in the previous year, the business posted $0.56 earnings per share. equities research analysts predict that Phillips 66 will post 7.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 1st. Stockholders of record on Monday, May 21st will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.71%. This is a positive change from Phillips 66’s previous quarterly dividend of $0.70. The ex-dividend date is Friday, May 18th. Phillips 66’s payout ratio is presently 63.93%.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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