Phillips 66 (PSX) Stake Lessened by Cullinan Associates Inc.
Cullinan Associates Inc. lessened its stake in shares of Phillips 66 (NYSE:PSX) by 21.9% in the 4th quarter, HoldingsChannel reports. The fund owned 59,085 shares of the oil and gas company’s stock after selling 16,545 shares during the period. Cullinan Associates Inc.’s holdings in Phillips 66 were worth $5,976,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Beach Investment Management LLC. acquired a new position in shares of Phillips 66 during the 2nd quarter worth about $1,693,000. Blair William & Co. IL lifted its position in shares of Phillips 66 by 16.4% during the 2nd quarter. Blair William & Co. IL now owns 56,064 shares of the oil and gas company’s stock worth $4,636,000 after purchasing an additional 7,909 shares during the last quarter. First Eagle Investment Management LLC lifted its position in shares of Phillips 66 by 1.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,284,604 shares of the oil and gas company’s stock worth $106,224,000 after purchasing an additional 17,678 shares during the last quarter. BB&T Securities LLC lifted its position in shares of Phillips 66 by 10.2% during the 2nd quarter. BB&T Securities LLC now owns 167,120 shares of the oil and gas company’s stock worth $13,819,000 after purchasing an additional 15,404 shares during the last quarter. Finally, HM Payson & Co. lifted its position in shares of Phillips 66 by 1.2% during the 2nd quarter. HM Payson & Co. now owns 318,207 shares of the oil and gas company’s stock worth $26,312,000 after purchasing an additional 3,775 shares during the last quarter. Institutional investors own 70.12% of the company’s stock.
In other news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $100.25, for a total value of $270,675.00. Following the sale, the vice president now directly owns 2,700 shares in the company, valued at approximately $270,675. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.50% of the company’s stock.
Several equities analysts recently weighed in on PSX shares. Cowen reissued a “buy” rating and set a $101.00 price objective on shares of Phillips 66 in a research report on Tuesday, October 17th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target for the company in a report on Monday, October 16th. Zacks Investment Research raised Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a report on Tuesday, October 10th. Goldman Sachs Group raised Phillips 66 from a “neutral” rating to a “buy” rating and upped their price target for the company from $88.00 to $109.00 in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $98.00 price target on shares of Phillips 66 in a report on Tuesday, September 26th. Three investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $96.66.
Shares of Phillips 66 (NYSE:PSX) opened at $106.16 on Thursday. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $106.91. The firm has a market capitalization of $53,800.00, a P/E ratio of 26.74, a PEG ratio of 1.63 and a beta of 1.24. The company has a quick ratio of 0.86, a current ratio of 1.31 and a debt-to-equity ratio of 0.40.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating the 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 period in the prior year, the company posted $1.05 EPS. sell-side analysts predict that Phillips 66 will post 4.43 earnings per share for the current year.
Phillips 66 announced that its board has authorized a stock repurchase plan on Monday, October 9th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.
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About Phillips 66
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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