Phillips 66 (PSX) Position Trimmed by Fayez Sarofim & Co.
Fayez Sarofim & Co. trimmed its position in shares of Phillips 66 (NYSE:PSX) by 5.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 748,749 shares of the oil and gas company’s stock after selling 46,034 shares during the period. Fayez Sarofim & Co. owned 0.15% of Phillips 66 worth $68,593,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd acquired a new position in Phillips 66 during the third quarter worth $1,447,000. Hikari Power Ltd boosted its position in Phillips 66 by 5.0% during the third quarter. Hikari Power Ltd now owns 226,500 shares of the oil and gas company’s stock worth $20,750,000 after purchasing an additional 10,800 shares during the period. Cipher Capital LP boosted its position in Phillips 66 by 75.4% during the third quarter. Cipher Capital LP now owns 31,477 shares of the oil and gas company’s stock worth $2,884,000 after purchasing an additional 13,532 shares during the period. Check Capital Management Inc. CA boosted its position in Phillips 66 by 98.3% during the third quarter. Check Capital Management Inc. CA now owns 355,366 shares of the oil and gas company’s stock worth $32,555,000 after purchasing an additional 176,193 shares during the period. Finally, Vaughan David Investments Inc. IL boosted its position in Phillips 66 by 5,820.5% during the third quarter. Vaughan David Investments Inc. IL now owns 468,782 shares of the oil and gas company’s stock worth $21,395,000 after purchasing an additional 460,864 shares during the period. Institutional investors and hedge funds own 69.81% of the company’s stock.
A number of research firms have commented on PSX. Jefferies Group LLC cut shares of Phillips 66 from a “hold” rating to an “underperform” rating and reduced their price objective for the stock from $95.00 to $75.14 in a research report on Monday, October 16th. Zacks Investment Research cut shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Argus reaffirmed a “buy” rating and set a $108.00 price objective (up from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Piper Jaffray Companies set a $93.00 price objective on shares of Phillips 66 and gave the stock a “buy” rating in a research report on Monday, November 13th. Finally, Vetr raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective for the company in a research report on Monday, November 13th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $93.25.
Phillips 66 (PSX) traded up $0.19 on Friday, reaching $92.65. 1,258,365 shares of the company traded hands, compared to its average volume of 1,797,602. Phillips 66 has a 1-year low of $75.14 and a 1-year high of $95.00. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.31 and a quick ratio of 0.86. The company has a market capitalization of $47,391.49, a PE ratio of 26.70, a price-to-earnings-growth ratio of 2.38 and a beta of 1.20.
Phillips 66 (NYSE:PSX) last posted its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The business had revenue of $26.21 billion during the quarter, compared to analysts’ expectations of $29.94 billion. During the same quarter in the prior year, the business posted $1.05 earnings per share. sell-side analysts anticipate that Phillips 66 will post 4.58 EPS for the current fiscal year.
Phillips 66 announced that its board has authorized a stock buyback program on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be given a dividend of $0.70 per share. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 annualized dividend and a yield of 3.02%. Phillips 66’s dividend payout ratio is 70.18%.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.50% of the company’s stock.
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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