Clearbridge Investments LLC Has $5.93 Million Holdings in Phillips 66 (NYSE:PSX)
Clearbridge Investments LLC cut its position in shares of Phillips 66 (NYSE:PSX) by 76.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 110,480 shares of the oil and gas company’s stock after selling 356,640 shares during the quarter. Clearbridge Investments LLC’s holdings in Phillips 66 were worth $5,927,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Total Clarity Wealth Management Inc. bought a new position in Phillips 66 during the fourth quarter worth $28,000. Efficient Wealth Management LLC bought a new position in Phillips 66 during the first quarter worth $28,000. Prestige Wealth Management Group LLC boosted its stake in Phillips 66 by 179.5% during the first quarter. Prestige Wealth Management Group LLC now owns 559 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 359 shares in the last quarter. Harwood Advisory Group LLC bought a new position in Phillips 66 during the first quarter worth $36,000. Finally, Altshuler Shaham Ltd boosted its stake in Phillips 66 by 825.0% during the first quarter. Altshuler Shaham Ltd now owns 703 shares of the oil and gas company’s stock worth $38,000 after acquiring an additional 627 shares in the last quarter. Institutional investors own 66.88% of the company’s stock.
In related news, Director Gary Kramer Adams acquired 1,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was acquired at an average price of $76.40 per share, for a total transaction of $95,500.00. Following the completion of the acquisition, the director now owns 10,213 shares of the company’s stock, valued at approximately $780,273.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John E. Lowe acquired 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were bought at an average price of $68.43 per share, with a total value of $102,645.00. The disclosure for this purchase can be found here. Insiders have purchased 3,750 shares of company stock valued at $268,305 in the last 90 days. 0.63% of the stock is currently owned by corporate insiders.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, May 1st. The oil and gas company reported $1.02 earnings per share for the quarter, beating analysts’ consensus estimates of $0.63 by $0.39. Phillips 66 had a net margin of 0.35% and a return on equity of 14.90%. The company had revenue of $21.24 billion for the quarter, compared to analyst estimates of $22.04 billion. During the same period last year, the firm earned $0.40 earnings per share. On average, equities research analysts expect that Phillips 66 will post 2.58 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 1st. Investors of record on Monday, May 18th were issued a dividend of $0.90 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $3.60 dividend on an annualized basis and a yield of 5.24%. Phillips 66’s dividend payout ratio (DPR) is presently 44.72%.
Several brokerages recently issued reports on PSX. Cfra cut their target price on shares of Phillips 66 from $110.00 to $49.00 and set a “buy” rating on the stock in a research note on Friday, March 20th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $120.00 price objective on the stock in a research note on Monday, April 20th. Wolfe Research lowered shares of Phillips 66 from an “outperform” rating to a “peer perform” rating and set a $98.00 price objective on the stock. in a research note on Wednesday, May 13th. Morgan Stanley raised their price objective on shares of Phillips 66 from $68.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. Finally, Wells Fargo & Co dropped their price objective on shares of Phillips 66 from $130.00 to $78.00 and set an “overweight” rating on the stock in a research note on Friday, March 13th. Three investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Phillips 66 presently has an average rating of “Buy” and a consensus target price of $91.81.
Phillips 66 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; 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.
Read More: Why Invest in Dividend Kings
Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX).
Receive News & Ratings for Phillips 66 Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Phillips 66 and related companies with MarketBeat.com's FREE daily email newsletter.