Phillips 66 (PSX) Shares Sold by California Public Employees Retirement System
California Public Employees Retirement System decreased its stake in Phillips 66 (NYSE:PSX) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,304,470 shares of the oil and gas company’s stock after selling 27,900 shares during the quarter. California Public Employees Retirement System owned approximately 0.26% of Phillips 66 worth $107,867,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Wells Fargo & Company MN boosted its position in Phillips 66 by 0.9% during the second quarter. Wells Fargo & Company MN now owns 8,422,039 shares of the oil and gas company’s stock worth $696,418,000 after acquiring an additional 71,098 shares during the last quarter. Great Lakes Advisors LLC boosted its position in Phillips 66 by 3.5% during the second quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock worth $49,919,000 after acquiring an additional 20,264 shares during the last quarter. Bank of The Ozarks boosted its position in Phillips 66 by 7.0% during the first quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock worth $700,000 after acquiring an additional 575 shares during the last quarter. Pennsylvania Trust Co boosted its position in Phillips 66 by 698.9% during the second quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock worth $4,033,000 after acquiring an additional 42,599 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in Phillips 66 by 39.4% during the second quarter. Bank of Montreal Can now owns 516,922 shares of the oil and gas company’s stock worth $42,745,000 after acquiring an additional 145,986 shares during the last quarter. Institutional investors and hedge funds own 69.54% of the company’s stock.
A number of equities analysts recently weighed in on the stock. Jefferies Group LLC lowered shares of Phillips 66 from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $95.00 to $75.14 in a research report on Monday. Argus restated a “buy” rating and set a $108.00 price target (up from $96.00) on shares of Phillips 66 in a research report on Thursday, October 12th. Zacks Investment Research lowered shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Barclays PLC set a $95.00 price target on shares of Phillips 66 and gave the stock an “equal weight” rating in a research report on Tuesday, October 10th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $88.00 to $109.00 in a research report on Tuesday, October 3rd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $93.22.
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Phillips 66 (NYSE:PSX) opened at 90.63 on Wednesday. The stock has a market capitalization of $46.36 billion, a P/E ratio of 27.12 and a beta of 1.19. Phillips 66 has a 52 week low of $75.14 and a 52 week high of $95.00. The firm’s 50-day moving average is $88.92 and its 200-day moving average is $82.43.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Tuesday, August 1st. The oil and gas company reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 company had revenue of $24.58 billion for the quarter, compared to analysts’ expectations of $25.14 billion. During the same period last year, the company earned $0.94 EPS. On average, equities research analysts predict that Phillips 66 will post $4.32 EPS for the current fiscal year.
Phillips 66 announced that its board has initiated a stock buyback program on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 3.09%. Phillips 66’s dividend payout ratio is currently 83.58%.
In other Phillips 66 news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s 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 legal filing with the SEC, which can be accessed through this link. 0.50% of the stock is owned by company insiders.
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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