Dimensional Fund Advisors LP Decreases Position in Phillips 66 (PSX)
Dimensional Fund Advisors LP cut its stake in shares of Phillips 66 (NYSE:PSX) by 8.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,357,666 shares of the oil and gas company’s stock after selling 311,728 shares during the quarter. Dimensional Fund Advisors LP owned 0.66% of Phillips 66 worth $307,599,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors also recently made changes to their positions in the stock. Jacobi Capital Management LLC boosted its position in Phillips 66 by 27.4% during the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after buying an additional 277 shares during the period. Motco boosted its position in Phillips 66 by 4.0% during the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares during the period. Bruderman Asset Management LLC acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $112,000. Farmers National Bank acquired a new stake in Phillips 66 during the 1st quarter worth approximately $113,000. Finally, Ffcm LLC acquired a new stake in Phillips 66 during the 2nd quarter worth approximately $113,000. 70.24% of the stock is currently owned by institutional investors.
Phillips 66 (NYSE:PSX) opened at $99.55 on Friday. The stock has a market cap of $50,920.92, a P/E ratio of 28.69, a PEG ratio of 2.56 and a beta of 1.24. Phillips 66 has a 1 year low of $75.14 and a 1 year high of $99.87. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The company had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. During the same quarter in the previous year, the company earned $1.05 EPS. equities research analysts forecast that Phillips 66 will post 4.61 earnings per share for the current fiscal year.
Phillips 66 declared that its board has initiated a share buyback plan on Monday, October 9th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Investors of record on Tuesday, October 17th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.81%. Phillips 66’s payout ratio is presently 70.18%.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.50% of the stock is owned by insiders.
Several equities research analysts recently commented on PSX shares. UBS lifted their target price on shares of Phillips 66 from $85.00 to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 15th. Wells Fargo & Company reiterated a “market perform” rating and set a $91.00 target price (up from $84.00) on shares of Phillips 66 in a research report on Tuesday, October 17th. Vetr upgraded shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price on the stock in a research report on Monday, November 13th. Howard Weil upgraded shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $86.00 to $98.00 in a research report on Thursday, September 28th. Finally, J P Morgan Chase & Co boosted their price target on shares of Phillips 66 from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, October 30th. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $93.25.
About Phillips 66
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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