Goodman Financial Corp Reduces Position in Phillips 66 (PSX)
Goodman Financial Corp reduced its position in shares of Phillips 66 (NYSE:PSX) by 13.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,596 shares of the oil and gas company’s stock after selling 706 shares during the quarter. Goodman Financial Corp’s holdings in Phillips 66 were worth $421,000 at the end of the most recent quarter.
A number of other hedge funds have also recently bought and sold shares of PSX. Jacobi Capital Management LLC increased its holdings 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 purchasing an additional 277 shares in the last quarter. Motco increased its holdings 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 purchasing an additional 50 shares in the last quarter. Ffcm LLC bought a new stake in Phillips 66 during the 2nd quarter worth approximately $113,000. Bruderman Asset Management LLC bought a new stake in Phillips 66 during the 2nd quarter worth approximately $112,000. Finally, Meeder Asset Management Inc. bought a new stake in Phillips 66 during the 2nd quarter worth approximately $116,000. 69.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of Phillips 66 (PSX) traded up $0.31 during midday trading on Monday, reaching $93.97. The company’s stock had a trading volume of 153,922 shares, compared to its average volume of 2,239,510. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $95.00. The company has a market capitalization of $47,460.00, a price-to-earnings ratio of 26.99, a price-to-earnings-growth ratio of 2.41 and a beta of 1.20. 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 (NYSE:PSX) last announced its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.04. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. The business had revenue of $26.21 billion during the quarter, compared to analyst estimates of $29.94 billion. During the same period in the prior year, the company earned $1.05 earnings per share. equities research analysts anticipate that Phillips 66 will post 4.58 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a yield of 2.98%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is 70.53%.
Phillips 66 announced that its board has initiated a stock repurchase program 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 reacquire shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
A number of brokerages have commented on PSX. Barclays PLC set a $95.00 price objective on Phillips 66 and gave the stock an “equal weight” rating in a report on Tuesday, October 10th. Scotiabank reissued a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Jefferies Group LLC reissued a “hold” rating and set a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. BidaskClub lowered Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Finally, Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 target price for the company in a report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $93.33.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the stock in a transaction on Tuesday, September 19th. The stock was 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 accessible through this link. Corporate insiders own 0.50% 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 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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