Ackerman Capital Advisors LLC Lowers Position in Phillips 66 (NYSE:PSX)
Ackerman Capital Advisors LLC cut its stake in Phillips 66 (NYSE:PSX) by 16.7% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 5,000 shares of the oil and gas company’s stock after selling 1,000 shares during the quarter. Ackerman Capital Advisors LLC’s holdings in Phillips 66 were worth $512,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. Montecito Bank & Trust raised its holdings in Phillips 66 by 4.1% in the 2nd quarter. Montecito Bank & Trust now owns 2,679 shares of the oil and gas company’s stock worth $250,000 after acquiring an additional 105 shares during the last quarter. AGF Investments LLC raised its holdings in Phillips 66 by 30.5% in the 2nd quarter. AGF Investments LLC now owns 458 shares of the oil and gas company’s stock worth $43,000 after acquiring an additional 107 shares during the last quarter. Certified Advisory Corp raised its holdings in Phillips 66 by 17.5% in the 2nd quarter. Certified Advisory Corp now owns 738 shares of the oil and gas company’s stock worth $69,000 after acquiring an additional 110 shares during the last quarter. First National Bank of Hutchinson raised its holdings in Phillips 66 by 2.8% in the 2nd quarter. First National Bank of Hutchinson now owns 4,128 shares of the oil and gas company’s stock worth $424,000 after acquiring an additional 112 shares during the last quarter. Finally, Securian Asset Management Inc raised its holdings in Phillips 66 by 0.3% in the 2nd quarter. Securian Asset Management Inc now owns 43,029 shares of the oil and gas company’s stock worth $4,025,000 after acquiring an additional 115 shares during the last quarter. Institutional investors and hedge funds own 68.71% of the company’s stock.
In other Phillips 66 news, EVP Robert A. Herman sold 47,433 shares of Phillips 66 stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $103.17, for a total value of $4,893,662.61. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.13% of the company’s stock.
Phillips 66 (NYSE:PSX) last posted its earnings results on Friday, July 26th. The oil and gas company reported $3.02 EPS for the quarter, topping analysts’ consensus estimates of $2.70 by $0.32. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. The business had revenue of $28.52 billion during the quarter, compared to the consensus estimate of $29.89 billion. During the same quarter in the previous year, the firm posted $2.80 EPS. On average, analysts forecast that Phillips 66 will post 7.5 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 3.50%. The ex-dividend date is Friday, November 15th. Phillips 66’s dividend payout ratio (DPR) is presently 30.74%.
A number of equities analysts recently weighed in on PSX shares. Raymond James boosted their price objective on shares of Phillips 66 from $117.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $126.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday, September 10th. ValuEngine upgraded shares of Phillips 66 from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Scotiabank started coverage on shares of Phillips 66 in a report on Tuesday, September 3rd. They issued an “outperform” rating for the company. Finally, Citigroup upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating in a report on Friday, June 21st. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Phillips 66 currently has an average rating of “Buy” and an average target price of $113.80.
About Phillips 66
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; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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