Dearborn Partners LLC Sells 10,830 Shares of Phillips 66 (PSX)
Dearborn Partners LLC lowered its stake in shares of Phillips 66 (NYSE:PSX) by 42.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,530 shares of the oil and gas company’s stock after selling 10,830 shares during the quarter. Dearborn Partners LLC’s holdings in Phillips 66 were worth $1,331,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Joel Isaacson & Co. LLC grew its position in shares of Phillips 66 by 0.4% during the second quarter. Joel Isaacson & Co. LLC now owns 3,821 shares of the oil and gas company’s stock worth $316,000 after buying an additional 14 shares in the last quarter. Hudock Capital Group LLC grew its position in shares of Phillips 66 by 0.6% during the second quarter. Hudock Capital Group LLC now owns 2,509 shares of the oil and gas company’s stock worth $207,000 after buying an additional 16 shares in the last quarter. Good Life Advisors LLC grew its position in shares of Phillips 66 by 0.3% during the second quarter. Good Life Advisors LLC now owns 6,198 shares of the oil and gas company’s stock worth $511,000 after buying an additional 17 shares in the last quarter. Girard Partners LTD. grew its position in shares of Phillips 66 by 0.7% during the second quarter. Girard Partners LTD. now owns 3,275 shares of the oil and gas company’s stock worth $271,000 after buying an additional 23 shares in the last quarter. Finally, Spinnaker Trust grew its position in shares of Phillips 66 by 0.7% during the second quarter. Spinnaker Trust now owns 4,208 shares of the oil and gas company’s stock worth $348,000 after buying an additional 30 shares in the last quarter. 70.24% of the stock is owned by institutional investors and hedge funds.
Phillips 66 (PSX) traded up $0.72 during trading on Monday, reaching $98.29. 891,555 shares of the company’s stock were exchanged, compared to its average volume of 2,208,290. The firm has a market capitalization of $49,908.11, a P/E ratio of 28.12, a PEG ratio of 2.50 and a beta of 1.24. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $98.16.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 EPS for the quarter, topping analysts’ consensus estimates of $1.62 by $0.04. The firm had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. During the same quarter in the previous year, the company posted $1.05 earnings per share. research analysts predict that Phillips 66 will post 4.59 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were issued a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Thursday, November 16th. Phillips 66’s dividend payout ratio is presently 70.18%.
Phillips 66 announced that its board has initiated a share repurchase plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.
PSX has been the subject of a number of recent analyst reports. BidaskClub downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Jefferies Group reissued a “hold” rating and set a $78.00 price target on shares of Phillips 66 in a research report on Tuesday, September 5th. Scotiabank reissued a “hold” rating on shares of Phillips 66 in a research report on Friday, September 8th. Piper Jaffray Companies reissued a “buy” rating and set a $98.00 price target on shares of Phillips 66 in a research 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 target for the stock from $86.00 to $98.00 in a research report on Thursday, September 28th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $93.25.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.
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Phillips 66 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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