Bank of Hawaii Grows Holdings in Phillips 66 (PSX)
Bank of Hawaii boosted its holdings in shares of Phillips 66 (NYSE:PSX) by 3.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 37,652 shares of the oil and gas company’s stock after buying an additional 1,413 shares during the quarter. Bank of Hawaii’s holdings in Phillips 66 were worth $3,113,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in the business. Wells Fargo & Company MN increased its position 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 purchasing an additional 71,098 shares during the last quarter. Great Lakes Advisors LLC increased its position in shares of Phillips 66 by 3.5% in the 2nd quarter. Great Lakes Advisors LLC now owns 603,678 shares of the oil and gas company’s stock valued at $49,919,000 after purchasing an additional 20,264 shares during the last quarter. Bank of The Ozarks increased its position in shares of Phillips 66 by 7.0% in the 1st quarter. Bank of The Ozarks now owns 8,836 shares of the oil and gas company’s stock valued at $700,000 after purchasing an additional 575 shares during the last quarter. Pennsylvania Trust Co increased its position in shares of Phillips 66 by 698.9% in the 2nd quarter. Pennsylvania Trust Co now owns 48,694 shares of the oil and gas company’s stock valued at $4,033,000 after purchasing an additional 42,599 shares during the last quarter. Finally, Bank of Montreal Can increased its position in shares of Phillips 66 by 39.4% in the 2nd quarter. Bank of Montreal Can now owns 516,922 shares of the oil and gas company’s stock valued at $42,745,000 after purchasing an additional 145,986 shares during the last quarter. Institutional investors own 69.54% of the company’s stock.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of Phillips 66 stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $89.08, for a total value of $102,531.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.50% of the stock is currently owned by insiders.
Phillips 66 (PSX) opened at 90.80 on Friday. The stock has a market capitalization of $46.45 billion, a P/E ratio of 27.17 and a beta of 1.19. The company has a 50 day moving average of $89.76 and a 200-day moving average of $82.80. Phillips 66 has a 52-week low of $75.14 and a 52-week high of $95.00.
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, topping analysts’ consensus estimates of $1.02 by $0.07. The business had revenue of $24.58 billion during 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 previous year, the firm earned $0.94 earnings per share. Equities research analysts anticipate that Phillips 66 will post $4.39 EPS for the current year.
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 dividend yield of 3.08%. Phillips 66’s dividend payout ratio (DPR) is presently 83.58%.
Phillips 66 announced that its Board of Directors has initiated a share repurchase program on Monday, October 9th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the oil and gas company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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A number of equities research analysts have commented on the stock. Scotiabank reissued a “hold” rating and issued a $86.00 price objective on shares of Phillips 66 in a research report on Tuesday, June 27th. TheStreet raised shares of Phillips 66 from a “c” rating to a “b-” rating in a research report on Friday, June 30th. Jefferies Group LLC reissued a “hold” rating and issued a $78.00 price objective on shares of Phillips 66 in a research report on Tuesday, September 5th. Zacks Investment Research downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating in a research report on Thursday, October 12th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $98.00 price objective on shares of Phillips 66 in a research report on Tuesday, September 26th. 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 stock. Phillips 66 presently has a consensus rating of “Hold” and an average target price of $93.22.
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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