New England Asset Management Inc. Takes Position in Phillips 66 (PSX)
New England Asset Management Inc. purchased a new position in shares of Phillips 66 (NYSE:PSX) during the first quarter, Holdings Channel reports. The institutional investor purchased 1,314,000 shares of the oil and gas company’s stock, valued at approximately $104,095,000. Phillips 66 makes up 1.7% of New England Asset Management Inc.’s portfolio, making the stock its 8th largest position.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Winslow Evans & Crocker Inc. increased its position in shares of Phillips 66 by 5.4% in the first quarter. Winslow Evans & Crocker Inc. now owns 4,616 shares of the oil and gas company’s stock worth $366,000 after buying an additional 236 shares in the last quarter. Prospera Financial Services Inc increased its position in shares of Phillips 66 by 33.5% in the first quarter. Prospera Financial Services Inc now owns 7,847 shares of the oil and gas company’s stock worth $621,000 after buying an additional 1,970 shares in the last quarter. Alpha Windward LLC increased its position in shares of Phillips 66 by 0.3% in the first quarter. Alpha Windward LLC now owns 3,035 shares of the oil and gas company’s stock worth $240,000 after buying an additional 9 shares in the last quarter. TNB Financial acquired a new position in shares of Phillips 66 during the first quarter worth $286,000. Finally, Capstone Asset Management Co. increased its position in shares of Phillips 66 by 9.6% in the first quarter. Capstone Asset Management Co. now owns 178,119 shares of the oil and gas company’s stock worth $14,111,000 after buying an additional 15,577 shares in the last quarter. Institutional investors and hedge funds own 69.78% of the company’s stock.
Shares of Phillips 66 (NYSE:PSX) traded down 0.52% on Thursday, reaching $84.05. The company’s stock had a trading volume of 411,364 shares. The company has a market cap of $42.99 billion, a P/E ratio of 25.13 and a beta of 1.22. The company has a 50 day moving average price of $82.83 and a 200 day moving average price of $79.81. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $88.87.
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 (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The firm had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. During the same quarter last year, the business posted $0.94 EPS. On average, analysts anticipate that Phillips 66 will post $4.03 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Shareholders of record on Friday, August 18th will be paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Wednesday, August 16th. Phillips 66’s dividend payout ratio is 83.58%.
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A number of research analysts have recently weighed in on the company. Barclays PLC reiterated an “equal weight” rating and set a $89.00 price target (up previously from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. Scotiabank set a $86.00 price target on Phillips 66 and gave the company a “hold” rating in a report on Tuesday, August 1st. TheStreet upgraded Phillips 66 from a “c” rating to a “b-” rating in a report on Friday, June 30th. Zacks Investment Research downgraded Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Finally, Piper Jaffray Companies reiterated a “buy” rating and set a $84.00 price target on shares of Phillips 66 in a report on Friday, July 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Phillips 66 presently has an average rating of “Hold” and an average target price 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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