Phillips 66 (PSX) Stake Lowered by California State Teachers Retirement System
California State Teachers Retirement System lessened its holdings in Phillips 66 (NYSE:PSX) by 4.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 851,327 shares of the oil and gas company’s stock after selling 35,129 shares during the period. California State Teachers Retirement System owned approximately 0.17% of Phillips 66 worth $77,990,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Phillips 66 by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 31,826,155 shares of the oil and gas company’s stock valued at $2,631,704,000 after buying an additional 130,653 shares during the period. BlackRock Inc. raised its holdings in shares of Phillips 66 by 0.7% in the 2nd quarter. BlackRock Inc. now owns 28,025,035 shares of the oil and gas company’s stock valued at $2,317,389,000 after buying an additional 203,138 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Phillips 66 by 0.9% in the 2nd quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock valued at $696,418,000 after buying an additional 71,098 shares during the period. FMR LLC raised its holdings in shares of Phillips 66 by 37.1% in the 2nd quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after buying an additional 2,036,258 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Phillips 66 by 6.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 6,838,096 shares of the oil and gas company’s stock valued at $626,438,000 after buying an additional 422,652 shares during the period. 70.24% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently issued reports on PSX. Piper Jaffray Companies set a $93.00 price objective on Phillips 66 and gave the company a “buy” rating in a report on Monday, November 13th. Vetr upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective on the stock in a report on Monday, November 27th. Jefferies Group reiterated a “hold” rating and issued a $78.00 price objective on shares of Phillips 66 in a report on Tuesday, September 5th. Zacks Investment Research downgraded Phillips 66 from a “buy” rating to a “hold” rating in a report on Thursday, October 12th. Finally, US Capital Advisors downgraded Phillips 66 from an “overweight” rating to a “hold” rating in a report on Monday, December 4th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Phillips 66 presently has an average rating of “Hold” and an average target price of $93.25.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the company’s stock in a transaction dated Tuesday, September 19th. The stock was 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 can be accessed through this link. Corporate insiders own 0.50% of the company’s stock.
Shares of Phillips 66 (PSX) traded up $0.92 during midday trading on Thursday, reaching $99.99. The company’s stock had a trading volume of 1,912,600 shares, compared to its average volume of 2,193,489. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40. Phillips 66 has a 12 month low of $75.14 and a 12 month high of $100.39. The stock has a market cap of $50,675.37, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 2.53 and a beta of 1.24.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results 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. The company had revenue of $26.21 billion for the quarter, compared to the consensus estimate of $29.94 billion. Phillips 66 had a return on equity of 7.58% and a net margin of 2.11%. During the same quarter in the prior year, the business earned $1.05 EPS. analysts anticipate that Phillips 66 will post 4.61 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th were given a dividend of $0.70 per share. The ex-dividend date was Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.80%. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 declared that its board has initiated a stock buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.
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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