Phillips 66 (PSX) is Alta Capital Management LLC’s 5th Largest Position
Alta Capital Management LLC trimmed its position in Phillips 66 (NYSE:PSX) by 2.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 633,551 shares of the oil and gas company’s stock after selling 14,760 shares during the quarter. Phillips 66 accounts for 3.7% of Alta Capital Management LLC’s holdings, making the stock its 5th biggest holding. Alta Capital Management LLC owned 0.12% of Phillips 66 worth $58,039,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of PSX. Denali Advisors LLC bought a new stake in shares of Phillips 66 during the 3rd quarter valued at $4,553,000. Farmers & Merchants Trust Co of Chambersburg PA increased its stake in shares of Phillips 66 by 6.2% in the third quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 25,181 shares of the oil and gas company’s stock valued at $2,307,000 after buying an additional 1,475 shares during the period. Meeder Asset Management Inc. increased its stake in shares of Phillips 66 by 4,061.9% in the third quarter. Meeder Asset Management Inc. now owns 58,266 shares of the oil and gas company’s stock valued at $5,338,000 after buying an additional 56,866 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in shares of Phillips 66 by 88.9% in the third quarter. Robeco Institutional Asset Management B.V. now owns 5,150 shares of the oil and gas company’s stock valued at $472,000 after buying an additional 2,424 shares during the period. Finally, Spirit of America Management Corp NY increased its stake in shares of Phillips 66 by 17.6% in the third quarter. Spirit of America Management Corp NY now owns 76,687 shares of the oil and gas company’s stock valued at $7,025,000 after buying an additional 11,500 shares during the period. 69.58% of the stock is currently owned by hedge funds and other institutional investors.
PSX has been the subject of several recent analyst reports. Piper Jaffray Companies reaffirmed a “buy” rating and set a $84.00 target price on shares of Phillips 66 in a research note on Friday, July 14th. Goldman Sachs Group, Inc. (The) upgraded Phillips 66 from a “neutral” rating to a “buy” rating and increased their price target for the stock from $88.00 to $109.00 in a report on Tuesday, October 3rd. Scotiabank reiterated a “hold” rating on shares of Phillips 66 in a report on Friday, September 8th. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a report on Tuesday, October 10th. Finally, Jefferies Group LLC lowered Phillips 66 from a “hold” rating to an “underperform” rating and cut their price target for the stock from $95.00 to $75.14 in a report on Monday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Phillips 66 presently has an average rating of “Hold” and an average price target of $93.33.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.50% of the company’s stock.
Phillips 66 (NYSE PSX) opened at $93.58 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.31 and a debt-to-equity ratio of 0.40. The firm has a market cap of $47.81 billion, a price-to-earnings ratio of 26.93, a P/E/G ratio of 2.42 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the Zacks’ 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 company had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. During the same quarter last year, the company earned $1.05 earnings per share. equities analysts forecast that Phillips 66 will post 4.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be given a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 declared that its Board of Directors has authorized a stock buyback plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Phillips 66 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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