Investors Buy Shares of Phillips 66 (PSX) on Weakness
Traders purchased shares of Phillips 66 (NYSE:PSX) on weakness during trading on Thursday. $59.12 million flowed into the stock on the tick-up and $28.02 million flowed out of the stock on the tick-down, for a money net flow of $31.10 million into the stock. Of all stocks tracked, Phillips 66 had the 26th highest net in-flow for the day. Phillips 66 traded down ($0.80) for the day and closed at $122.18
PSX has been the subject of several analyst reports. Wells Fargo & Co upgraded Phillips 66 from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 29th. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $137.00 target price for the company in a report on Wednesday, August 1st. Credit Suisse Group upped their target price on Phillips 66 from $115.00 to $127.00 and gave the company a “neutral” rating in a report on Monday, June 4th. Morgan Stanley upped their target price on Phillips 66 from $135.00 to $140.00 and gave the company an “equal weight” rating in a report on Monday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on Phillips 66 from $127.00 to $132.00 and gave the company a “neutral” rating in a report on Monday, June 4th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company. Phillips 66 currently has a consensus rating of “Hold” and a consensus price target of $112.44.
The firm has a market capitalization of $57.09 billion, a price-to-earnings ratio of 27.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.06. The company has a quick ratio of 0.82, a current ratio of 1.24 and a debt-to-equity ratio of 0.44.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Stockholders of record on Tuesday, August 21st will be issued a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date is Monday, August 20th. Phillips 66’s dividend payout ratio is presently 73.06%.
In other news, VP Chukwuemeka A. Oyolu sold 6,900 shares of the stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $120.00, for a total transaction of $828,000.00. Following the completion of the transaction, the vice president now directly owns 8,177 shares in the company, valued at approximately $981,240. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Phillips 66 by 8.1% during the 2nd quarter. BlackRock Inc. now owns 29,146,903 shares of the oil and gas company’s stock valued at $3,273,487,000 after acquiring an additional 2,194,280 shares during the period. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in Phillips 66 by 1.6% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 14,617,647 shares of the oil and gas company’s stock valued at $1,402,124,000 after acquiring an additional 230,582 shares during the period. FMR LLC boosted its holdings in Phillips 66 by 9.0% during the 2nd quarter. FMR LLC now owns 14,400,087 shares of the oil and gas company’s stock valued at $1,617,273,000 after acquiring an additional 1,188,567 shares during the period. Northern Trust Corp boosted its holdings in Phillips 66 by 3.2% during the 1st quarter. Northern Trust Corp now owns 5,284,878 shares of the oil and gas company’s stock valued at $506,926,000 after acquiring an additional 164,143 shares during the period. Finally, Aristotle Capital Management LLC boosted its holdings in Phillips 66 by 7.3% during the 1st quarter. Aristotle Capital Management LLC now owns 3,855,668 shares of the oil and gas company’s stock valued at $369,836,000 after acquiring an additional 263,546 shares during the period. Institutional investors and hedge funds own 69.63% of the company’s stock.
Phillips 66 Company Profile
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks, delivers refined products to market, and provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, and markets natural gas liquids, exports LPG, and provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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