Phillips 66 (PSX) Position Trimmed by Caisse DE Depot ET Placement DU Quebec
Caisse DE Depot ET Placement DU Quebec trimmed its holdings in shares of Phillips 66 (NYSE:PSX) by 52.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,960 shares of the oil and gas company’s stock after selling 134,490 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Phillips 66 were worth $11,128,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of PSX. Jacobi Capital Management LLC increased its position in Phillips 66 by 27.4% in the 1st quarter. Jacobi Capital Management LLC now owns 1,288 shares of the oil and gas company’s stock worth $100,000 after purchasing an additional 277 shares during the last quarter. Motco increased its position in Phillips 66 by 4.0% in the 2nd quarter. Motco now owns 1,309 shares of the oil and gas company’s stock worth $108,000 after purchasing an additional 50 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in Phillips 66 in the 2nd quarter worth about $112,000. Farmers National Bank acquired a new position in Phillips 66 in the 1st quarter worth about $113,000. Finally, Ffcm LLC bought a new stake in shares of Phillips 66 during the 2nd quarter worth about $113,000. 70.24% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Phillips 66 (PSX) traded up $1.54 on Friday, reaching $99.40. The company’s stock had a trading volume of 392,954 shares, compared to its average volume of 2,199,979. The company has a market cap of $49,918.34, a price-to-earnings ratio of 28.12, a price-to-earnings-growth ratio of 2.51 and a beta of 1.24. 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 has a 52-week low of $75.14 and a 52-week high of $99.35.
The business also recently declared a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Tuesday, October 17th were given a $0.70 dividend. The ex-dividend date of this dividend was Thursday, November 16th. This represents a $2.80 annualized dividend and a dividend yield of 2.82%. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 declared that its board has authorized a stock buyback program on Monday, October 9th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Several research firms have recently issued reports on PSX. US Capital Advisors downgraded Phillips 66 from an “overweight” rating to a “hold” rating in a research note on Monday. Vetr upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price target for the company in a research note on Monday, November 27th. UBS upped their price target on Phillips 66 from $85.00 to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 15th. Barclays downgraded Phillips 66 from an “equal weight” rating to an “underweight” rating and upped their price target for the stock from $95.00 to $100.00 in a research note on Tuesday, November 14th. Finally, Piper Jaffray Companies set a $93.00 price target on Phillips 66 and gave the stock a “buy” rating in a research note on Monday, November 13th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. Phillips 66 presently has a consensus rating of “Hold” and a consensus target price of $93.25.
In other news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’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 document filed with the SEC, which is available through this link. 0.50% of the stock is owned by company insiders.
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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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