Parametric Portfolio Associates LLC Acquires 88,106 Shares of Phillips 66 (PSX)
Parametric Portfolio Associates LLC lifted its holdings in shares of Phillips 66 (NYSE:PSX) by 6.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,499,115 shares of the oil and gas company’s stock after purchasing an additional 88,106 shares during the quarter. Parametric Portfolio Associates LLC owned 0.29% of Phillips 66 worth $137,334,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Tudor Investment Corp ET AL bought a new position in Phillips 66 in the first quarter valued at approximately $841,000. Credit Suisse AG increased its stake in Phillips 66 by 1.4% in the first quarter. Credit Suisse AG now owns 774,567 shares of the oil and gas company’s stock valued at $61,361,000 after acquiring an additional 10,730 shares during the last quarter. IHT Wealth Management LLC increased its stake in Phillips 66 by 51.0% in the first quarter. IHT Wealth Management LLC now owns 2,123 shares of the oil and gas company’s stock valued at $165,000 after acquiring an additional 717 shares during the last quarter. First Financial Equity Corporation bought a new position in Phillips 66 in the first quarter valued at approximately $247,000. Finally, Salem Investment Counselors Inc. increased its stake in Phillips 66 by 9.9% in the first quarter. Salem Investment Counselors Inc. now owns 15,027 shares of the oil and gas company’s stock valued at $1,190,000 after acquiring an additional 1,348 shares during the last quarter. 70.24% of the stock is currently owned by institutional investors.
PSX has been the topic of a number of recent analyst reports. Zacks Investment Research raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price objective on the stock in a research note on Tuesday, October 10th. Goldman Sachs Group raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Piper Jaffray Companies reissued a “buy” rating and issued a $98.00 price objective on shares of Phillips 66 in a research note on Tuesday, September 26th. Vetr raised shares of Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective on the stock in a research note on Monday, October 16th. Finally, Argus reissued a “buy” rating and issued a $108.00 price objective (up from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $93.25.
Phillips 66 (NYSE:PSX) last issued its earnings results on Friday, October 27th. The oil and gas company reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.62 by $0.04. Phillips 66 had a net margin of 2.11% and a return on equity of 7.58%. The firm had revenue of $26.21 billion for the quarter, compared to analyst estimates of $29.94 billion. During the same quarter last year, the business posted $1.05 earnings per share. equities research analysts expect that Phillips 66 will post 4.58 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, December 1st. Shareholders of record on Tuesday, October 17th were given a $0.70 dividend. The ex-dividend date was Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 2.80%. Phillips 66’s dividend payout ratio is currently 70.18%.
Phillips 66 declared that its Board of Directors has approved a share repurchase 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 reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.
In other 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 transaction of $102,531.08. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.50% of the stock is currently owned by insiders.
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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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