Copeland Capital Management LLC Has $6.87 Million Position in Phillips 66 (PSX)
Copeland Capital Management LLC decreased its stake in shares of Phillips 66 (NYSE:PSX) by 21.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,068 shares of the oil and gas company’s stock after selling 23,248 shares during the period. Copeland Capital Management LLC’s holdings in Phillips 66 were worth $6,869,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. BlackRock Inc. increased its stake in Phillips 66 by 2,329.3% in the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after buying an additional 26,676,647 shares in the last quarter. OppenheimerFunds Inc. increased its stake in Phillips 66 by 599.8% in the first quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock valued at $364,472,000 after buying an additional 3,943,299 shares in the last quarter. Clearbridge Investments LLC increased its stake in Phillips 66 by 4,771.9% in the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after buying an additional 1,396,918 shares in the last quarter. New England Asset Management Inc. bought a new stake in Phillips 66 during the first quarter valued at approximately $104,095,000. Finally, State Street Corp increased its stake in Phillips 66 by 4.0% in the first quarter. State Street Corp now owns 24,085,903 shares of the oil and gas company’s stock valued at $1,908,079,000 after buying an additional 921,895 shares in the last quarter. 69.78% of the stock is owned by hedge funds and other institutional investors.
Shares of Phillips 66 (PSX) traded down 0.9097% during trading on Thursday, hitting $83.7214. The stock had a trading volume of 677,300 shares. Phillips 66 has a one year low of $75.14 and a one year high of $88.87. The firm has a market cap of $42.82 billion, a P/E ratio of 25.0363 and a beta of 1.22. The firm’s 50-day moving average is $82.83 and its 200-day moving average is $79.81.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.07. The company had revenue of $24.58 billion for the quarter, compared to analysts’ expectations of $25.14 billion. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities research analysts forecast that Phillips 66 will post $4.03 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 18th will be issued a dividend of $0.70 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 3.31%. Phillips 66’s dividend payout ratio (DPR) is presently 83.58%.
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PSX has been the subject of several analyst reports. TheStreet raised Phillips 66 from a “c” rating to a “b-” rating in a research note on Friday, April 28th. US Capital Advisors reaffirmed a “buy” rating on shares of Phillips 66 in a research note on Monday, May 22nd. Piper Jaffray Companies reaffirmed a “buy” rating and set a $84.00 price objective on shares of Phillips 66 in a research note on Friday, July 14th. Zacks Investment Research downgraded Phillips 66 from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Finally, Jefferies Group LLC set a $74.00 price objective on Phillips 66 and gave the company a “hold” rating in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $83.53.
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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