Heritage Investors Management Corp Trims Position in Phillips 66 (PSX)
Heritage Investors Management Corp trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 1.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 93,228 shares of the oil and gas company’s stock after selling 1,634 shares during the period. Heritage Investors Management Corp’s holdings in Phillips 66 were worth $8,541,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of PSX. BlackRock Inc. lifted its position in Phillips 66 by 2,329.3% in the 1st quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock worth $2,204,052,000 after buying an additional 26,676,647 shares in the last quarter. OppenheimerFunds Inc. lifted its position in Phillips 66 by 599.8% in the 1st quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock worth $364,472,000 after buying an additional 3,943,299 shares in the last quarter. FMR LLC lifted its position in Phillips 66 by 37.1% in the 2nd quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock worth $621,890,000 after buying an additional 2,036,258 shares in the last quarter. Clearbridge Investments LLC raised its holdings in shares of Phillips 66 by 4,771.9% during the 1st quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after purchasing an additional 1,396,918 shares in the last quarter. Finally, New England Asset Management Inc. bought a new position in shares of Phillips 66 during the 1st quarter valued at $104,095,000. Hedge funds and other institutional investors own 69.64% of the company’s stock.
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Phillips 66 (NYSE PSX) opened at $94.57 on Wednesday. The company has a market cap of $48,301.96, a PE ratio of 27.21, a price-to-earnings-growth ratio of 2.45 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 announced its 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. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The company had revenue of $26.21 billion during the quarter, compared to the consensus estimate of $29.94 billion. During the same period in the previous year, the firm posted $1.05 earnings per share. equities research analysts predict that Phillips 66 will post 4.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th will be paid a $0.70 dividend. This represents a $2.80 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Thursday, November 16th. Phillips 66’s dividend payout ratio is presently 70.18%.
Phillips 66 declared that its Board of Directors has initiated a share buyback plan on Monday, October 9th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction that occurred on 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.50% of the company’s stock.
A number of research analysts have recently weighed in on the stock. J P Morgan Chase & Co raised their price target on shares of Phillips 66 from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Vetr downgraded shares of Phillips 66 from a “buy” rating to a “hold” rating and set a $97.16 price target on the stock. in a report on Thursday, November 2nd. Barclays PLC reiterated an “equal weight” rating and issued a $89.00 target price (up previously from $87.00) on shares of Phillips 66 in a report on Wednesday, August 2nd. Howard Weil upgraded shares of Phillips 66 from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $86.00 to $98.00 in a report on Thursday, September 28th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $98.00 target price on shares of Phillips 66 in a report on Tuesday, September 26th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $93.33.
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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