Phillips 66 (PSX) Holdings Trimmed by Forsta AP Fonden
Forsta AP Fonden cut its holdings in shares of Phillips 66 (NYSE:PSX) by 4.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 44,300 shares of the oil and gas company’s stock after selling 1,900 shares during the period. Forsta AP Fonden’s holdings in Phillips 66 were worth $4,975,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. Bruderman Asset Management LLC bought a new stake in Phillips 66 during the first quarter worth $105,000. Acropolis Investment Management LLC bought a new stake in Phillips 66 during the second quarter worth $106,000. Tuttle Tactical Management bought a new stake in Phillips 66 during the second quarter worth $107,000. Baker Ellis Asset Management LLC bought a new stake in Phillips 66 during the second quarter worth $111,000. Finally, Kaizen Advisory LLC lifted its stake in Phillips 66 by 144.3% during the second quarter. Kaizen Advisory LLC now owns 1,004 shares of the oil and gas company’s stock worth $113,000 after purchasing an additional 593 shares during the last quarter. Hedge funds and other institutional investors own 69.48% of the company’s stock.
Several equities research analysts have weighed in on PSX shares. ValuEngine cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Wells Fargo & Co upgraded Phillips 66 from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 29th. Zacks Investment Research cut Phillips 66 from a “buy” rating to a “hold” rating in a research note on Friday, August 24th. Citigroup increased their price target on Phillips 66 from $124.00 to $126.00 and gave the company a “neutral” rating in a research note on Wednesday, August 15th. Finally, JPMorgan Chase & Co. increased their price target on Phillips 66 from $127.00 to $132.00 and gave the company a “neutral” rating in a research note on Monday, June 4th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $113.86.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, July 27th. The oil and gas company reported $2.80 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.16 by $0.64. The business had revenue of $29.74 billion during the quarter, compared to the consensus estimate of $29.40 billion. Phillips 66 had a return on equity of 12.87% and a net margin of 5.34%. During the same period in the prior year, the business posted $1.09 earnings per share. analysts expect that Phillips 66 will post 7.92 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 4th. Investors of record on Tuesday, August 21st were issued a $0.80 dividend. The ex-dividend date was Monday, August 20th. This represents a $3.20 dividend on an annualized basis and a yield of 2.82%. Phillips 66’s payout ratio is 73.06%.
About Phillips 66
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 products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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