Russell Investments Group Ltd. cut its holdings in Phillips 66 (NYSE:PSX – Get Rating) by 50.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 450,829 shares of the oil and gas company’s stock after selling 462,890 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.09% of Phillips 66 worth $36,381,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. WFA of San Diego LLC purchased a new position in shares of Phillips 66 during the second quarter valued at approximately $25,000. Heritage Financial Services LLC purchased a new position in shares of Phillips 66 during the second quarter valued at approximately $28,000. Horan Securities Inc. lifted its stake in shares of Phillips 66 by 210.6% during the third quarter. Horan Securities Inc. now owns 351 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 238 shares during the period. Core Alternative Capital lifted its stake in shares of Phillips 66 by 218.3% during the third quarter. Core Alternative Capital now owns 366 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 251 shares during the period. Finally, FinTrust Capital Advisors LLC lifted its stake in shares of Phillips 66 by 79.2% during the second quarter. FinTrust Capital Advisors LLC now owns 362 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 160 shares during the period. 70.76% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
PSX has been the topic of a number of recent analyst reports. BMO Capital Markets increased their price target on shares of Phillips 66 from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Thursday, November 10th. Mizuho reaffirmed a “neutral” rating and set a $121.00 price target (up previously from $115.00) on shares of Phillips 66 in a research note on Tuesday, January 10th. Raymond James increased their price target on shares of Phillips 66 from $130.00 to $135.00 and gave the stock an “outperform” rating in a research note on Friday, January 13th. Morgan Stanley increased their price target on shares of Phillips 66 from $115.00 to $125.00 and gave the stock an “equal weight” rating in a research note on Friday, January 20th. Finally, Cowen raised their target price on shares of Phillips 66 to $115.00 in a research note on Tuesday, November 15th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $118.93.
Phillips 66 Stock Performance
Phillips 66 (NYSE:PSX – Get Rating) last posted its earnings results on Tuesday, November 1st. The oil and gas company reported $6.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.98 by $1.48. Phillips 66 had a net margin of 6.18% and a return on equity of 32.66%. The firm had revenue of $48.76 billion during the quarter, compared to analysts’ expectations of $40.68 billion. During the same period in the previous year, the company earned $3.18 earnings per share. As a group, equities research analysts predict that Phillips 66 will post 19.45 EPS for the current year.
Insider Buying and Selling at Phillips 66
In other news, VP Joseph Scott Pruitt sold 3,000 shares of the company’s stock in a transaction dated Friday, November 11th. The shares were sold at an average price of $111.86, for a total value of $335,580.00. Following the sale, the vice president now owns 15,302 shares of the company’s stock, valued at approximately $1,711,681.72. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.74% of the company’s stock.
Phillips 66 Profile
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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