Supplemental Annuity Collective Trust of NJ Lowers Position in Phillips 66 (PSX)
Supplemental Annuity Collective Trust of NJ trimmed its holdings in Phillips 66 (NYSE:PSX) by 64.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,000 shares of the oil and gas company’s stock after selling 9,000 shares during the period. Supplemental Annuity Collective Trust of NJ’s holdings in Phillips 66 were worth $458,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of PSX. Jacobi Capital Management LLC lifted its holdings in Phillips 66 by 27.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock valued at $100,000 after purchasing an additional 277 shares in the last quarter. Motco lifted its holdings in Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock valued at $108,000 after purchasing an additional 50 shares in the last quarter. Westside Investment Management Inc. lifted its holdings in Phillips 66 by 239.2% in the 1st quarter. Westside Investment Management Inc. now owns 1,418 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 1,000 shares in the last quarter. Bruderman Asset Management LLC purchased a new position in Phillips 66 in the 2nd quarter valued at about $112,000. Finally, Farmers National Bank purchased a new position in Phillips 66 in the 1st quarter valued at about $113,000. 69.64% of the stock is currently owned by hedge funds and other institutional investors.
PSX has been the topic of a number of recent research reports. Zacks Investment Research lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Piper Jaffray Companies restated a “buy” rating and issued a $84.00 target price on shares of Phillips 66 in a report on Friday, July 14th. Scotiabank set a $86.00 target price on shares of Phillips 66 and gave the company a “hold” rating in a report on Tuesday, August 1st. Barclays PLC restated an “equal weight” rating and issued a $89.00 target price (up from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. Finally, BidaskClub lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $93.33.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction dated Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.50% of the company’s stock.
Phillips 66 (NYSE PSX) opened at $93.58 on Monday. The firm has a market capitalization of $47,867.18, a PE ratio of 26.97, a P/E/G ratio of 2.43 and a beta of 1.20. Phillips 66 has a 12 month low of $75.14 and a 12 month 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.
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 Zacks’ consensus estimate of $1.62 by $0.04. The firm had revenue of $26.21 billion for the quarter, compared to analysts’ expectations 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 last year, the business posted $1.05 EPS. analysts expect that Phillips 66 will post 4.54 earnings per share for the current fiscal year.
Phillips 66 announced that its Board of Directors has approved a share 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. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a $0.70 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.99%. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 Company 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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