BlackRock Inc. reduced its holdings in shares of Phillips 66 (NYSE:PSX) by 0.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,441,257 shares of the oil and gas company’s stock after selling 253,291 shares during the quarter. BlackRock Inc. owned approximately 6.79% of Phillips 66 worth $2,847,475,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Nomura Asset Management Co. Ltd. boosted its stake in shares of Phillips 66 by 2.6% during the 2nd quarter. Nomura Asset Management Co. Ltd. now owns 91,738 shares of the oil and gas company’s stock worth $8,581,000 after acquiring an additional 2,364 shares during the period. InterOcean Capital LLC boosted its stake in shares of Phillips 66 by 28.1% during the 2nd quarter. InterOcean Capital LLC now owns 160,169 shares of the oil and gas company’s stock worth $14,982,000 after acquiring an additional 35,167 shares during the period. Virtus ETF Advisers LLC bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $2,459,000. ETRADE Capital Management LLC boosted its stake in shares of Phillips 66 by 9.2% during the 2nd quarter. ETRADE Capital Management LLC now owns 56,608 shares of the oil and gas company’s stock worth $5,295,000 after acquiring an additional 4,763 shares during the period. Finally, AXA boosted its stake in shares of Phillips 66 by 87.1% during the 2nd quarter. AXA now owns 447,833 shares of the oil and gas company’s stock worth $41,890,000 after acquiring an additional 208,522 shares during the period. Institutional investors own 68.82% of the company’s stock.
Several brokerages have recently commented on PSX. Raymond James lifted their target price on Phillips 66 from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. ValuEngine downgraded Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Morgan Stanley reduced their price target on Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating for the company in a research note on Friday, May 17th. Scotiabank assumed coverage on Phillips 66 in a research note on Tuesday, September 3rd. They issued an “outperform” rating for the company. Finally, Cowen boosted their price target on Phillips 66 from $112.00 to $115.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eleven have given a buy rating to the company. Phillips 66 presently has a consensus rating of “Buy” and an average target price of $115.55.
PSX opened at $102.77 on Friday. The business has a fifty day simple moving average of $99.48 and a 200 day simple moving average of $94.61. The company has a market capitalization of $46.18 billion, a PE ratio of 8.78, a price-to-earnings-growth ratio of 2.06 and a beta of 1.08. Phillips 66 has a 1 year low of $78.44 and a 1 year high of $119.14. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.28 and a quick ratio of 0.82.
Phillips 66 (NYSE:PSX) last released its quarterly earnings results on Friday, July 26th. The oil and gas company reported $3.02 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.70 by $0.32. The business had revenue of $28.52 billion during the quarter, compared to the consensus estimate of $29.89 billion. Phillips 66 had a return on equity of 19.75% and a net margin of 4.76%. During the same period in the previous year, the company posted $2.80 EPS. Equities analysts anticipate that Phillips 66 will post 7.6 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Tuesday, August 20th were issued a $0.90 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $3.60 annualized dividend and a yield of 3.50%. Phillips 66’s dividend payout ratio is presently 30.74%.
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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