Franklin Resources Inc. Has $11.40 Million Stake in Phillips 66 (PSX)
Franklin Resources Inc. reduced its stake in Phillips 66 (NYSE:PSX) by 12.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 137,865 shares of the oil and gas company’s stock after selling 18,935 shares during the period. Franklin Resources Inc.’s holdings in Phillips 66 were worth $11,400,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Great Lakes Advisors LLC raised its stake in shares of Phillips 66 by 3.5% in the second quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after acquiring an additional 20,264 shares in the last quarter. Bank of The Ozarks raised its stake in Phillips 66 by 7.0% in the first quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock valued at $700,000 after buying an additional 575 shares in the last quarter. LS Investment Advisors LLC raised its stake in Phillips 66 by 5.2% in the first quarter. LS Investment Advisors LLC now owns 19,609 shares of the oil and gas company’s stock valued at $1,553,000 after buying an additional 970 shares in the last quarter. Pennsylvania Trust Co raised its stake in Phillips 66 by 698.9% in the second quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock valued at $4,033,000 after buying an additional 42,599 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in Phillips 66 by 39.4% in the second quarter. Bank of Montreal Can now owns 516,922 shares of the oil and gas company’s stock valued at $42,745,000 after buying an additional 145,986 shares in the last quarter. Institutional investors and hedge funds own 69.54% of the company’s stock.
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PSX has been the topic of a number of analyst reports. Howard Weil upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $86.00 to $98.00 in a research note on Thursday, September 28th. Piper Jaffray Companies restated a “buy” rating and issued a $84.00 price target on shares of Phillips 66 in a research note on Friday, July 14th. Zacks Investment Research cut Phillips 66 from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. TheStreet upgraded Phillips 66 from a “c” rating to a “b-” rating in a research note on Friday, June 30th. Finally, Scotiabank upgraded Phillips 66 from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $89.00 to $98.00 in a research note on Saturday, September 30th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $89.30.
Phillips 66 (NYSE PSX) opened at 92.82 on Friday. The firm’s 50 day moving average price is $87.13 and its 200 day moving average price is $81.80. Phillips 66 has a one year low of $75.14 and a one year high of $94.69. The stock has a market cap of $47.48 billion, a price-to-earnings ratio of 27.77 and a beta of 1.19.
Phillips 66 (NYSE:PSX) last issued its earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.07. The business had revenue of $24.58 billion for the quarter, compared to analyst estimates of $25.14 billion. Phillips 66 had a net margin of 1.87% and a return on equity of 6.29%. During the same quarter in the prior year, the business posted $0.94 EPS. Equities analysts forecast that Phillips 66 will post $4.33 earnings per share for the current year.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the 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 document filed with the SEC, which is available at the SEC website. 0.50% of the stock is owned by corporate insiders.
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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