Private Advisor Group LLC Raises Position in Phillips 66 (PSX)
Private Advisor Group LLC increased its position in shares of Phillips 66 (NYSE:PSX) by 3.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 36,392 shares of the oil and gas company’s stock after purchasing an additional 1,127 shares during the quarter. Private Advisor Group LLC’s holdings in Phillips 66 were worth $3,380,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Jacobi Capital Management LLC boosted its stake in Phillips 66 by 27.4% during the first quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after buying an additional 277 shares during the last quarter. Motco boosted its stake in Phillips 66 by 4.0% during the second quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after buying an additional 50 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in Phillips 66 during the second quarter worth $112,000. Farmers National Bank acquired a new position in Phillips 66 during the first quarter worth $113,000. Finally, Ffcm LLC acquired a new position in Phillips 66 during the second quarter worth $113,000. Hedge funds and other institutional investors own 70.24% of the company’s stock.
Shares of Phillips 66 (NYSE PSX) traded down $0.04 during trading on Tuesday, hitting $97.53. The stock had a trading volume of 1,953,700 shares, compared to its average volume of 2,207,198. Phillips 66 has a twelve month low of $75.14 and a twelve month high of $99.35. The firm has a market cap of $49,908.11, a price-to-earnings ratio of 28.12, a PEG ratio of 2.50 and a beta of 1.24. The company has a current ratio of 1.31, a quick ratio of 0.86 and a debt-to-equity ratio of 0.40.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th were paid a $0.70 dividend. This represents a $2.80 annualized dividend and a dividend yield of 2.87%. The ex-dividend date of this dividend was Thursday, November 16th. Phillips 66’s dividend payout ratio (DPR) is presently 70.18%.
Phillips 66 announced that its board has initiated a stock buyback plan on Monday, October 9th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have weighed in on PSX shares. UBS boosted their price objective on Phillips 66 from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 15th. BidaskClub lowered Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 18th. Vetr lowered Phillips 66 from a “buy” rating to a “hold” rating and set a $97.16 price objective on the stock. in a research note on Thursday, November 2nd. Jefferies Group lowered Phillips 66 from a “hold” rating to an “underperform” rating and lowered their price objective for the stock from $95.00 to $75.14 in a research note on Monday, October 16th. Finally, Scotiabank reissued a “hold” rating on shares of Phillips 66 in a research note on Friday, September 8th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and a consensus target price of $93.25.
In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the business’s stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total value of $102,531.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company’s stock.
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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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