Forward Management LLC Has $1.16 Million Position in Phillips 66 (PSX)
Forward Management LLC lowered its position in shares of Phillips 66 (NYSE:PSX) by 1.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,972 shares of the oil and gas company’s stock after selling 229 shares during the period. Forward Management LLC’s holdings in Phillips 66 were worth $1,155,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Palisade Asset Management LLC increased its position in shares of Phillips 66 by 8.4% during the second quarter. Palisade Asset Management LLC now owns 8,402 shares of the oil and gas company’s stock valued at $695,000 after acquiring an additional 650 shares in the last quarter. Arrow Financial Corp increased its position in shares of Phillips 66 by 3.1% during the second quarter. Arrow Financial Corp now owns 33,395 shares of the oil and gas company’s stock valued at $2,762,000 after acquiring an additional 1,003 shares in the last quarter. Stoneridge Investment Partners LLC bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $3,097,000. Joel Isaacson & Co. LLC increased its position in shares of Phillips 66 by 0.4% during the second quarter. Joel Isaacson & Co. LLC now owns 3,821 shares of the oil and gas company’s stock valued at $316,000 after acquiring an additional 14 shares in the last quarter. Finally, Cabot Wealth Management Inc. bought a new stake in shares of Phillips 66 during the second quarter valued at approximately $203,000. 69.57% of the stock is owned by institutional investors.
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PSX has been the subject of several analyst reports. Piper Jaffray Companies reissued an “overweight” rating and set a $88.00 price target on shares of Phillips 66 in a research report on Thursday, May 25th. Zacks Investment Research downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. TheStreet raised shares of Phillips 66 from a “c” rating to a “b-” rating in a research report on Friday, June 30th. US Capital Advisors reissued a “buy” rating on shares of Phillips 66 in a research report on Monday, May 22nd. Finally, BidaskClub downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, August 18th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $83.93.
Shares of Phillips 66 (NYSE PSX) opened at 85.73 on Wednesday. Phillips 66 has a one year low of $75.14 and a one year high of $88.87. The stock has a market cap of $43.85 billion, a PE ratio of 25.64 and a beta of 1.20. The company has a 50-day moving average of $83.84 and a 200 day moving average of $80.25.
Phillips 66 (NYSE:PSX) last issued its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.02 by $0.07. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. The business had revenue of $24.58 billion for the quarter, compared to analyst estimates of $25.14 billion. During the same quarter in the prior year, the business posted $0.94 EPS. On average, analysts predict that Phillips 66 will post $4.20 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 1st. Shareholders of record on Friday, August 18th were paid a dividend of $0.70 per share. The ex-dividend date of this dividend was Wednesday, August 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.27%. Phillips 66’s payout ratio is 83.58%.
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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