Industry News

Garrison Asset Management LLC Acquires 552 Shares of Phillips 66 (NYSE:PSX)

By August 22, 2019 No Comments

Garrison Asset Management LLC raised its position in Phillips 66 (NYSE:PSX) by 1.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 32,969 shares of the oil and gas company’s stock after buying an additional 552 shares during the period. Phillips 66 comprises 1.6% of Garrison Asset Management LLC’s investment portfolio, making the stock its 28th biggest position. Garrison Asset Management LLC’s holdings in Phillips 66 were worth $3,084,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Marathon Capital Management boosted its holdings in Phillips 66 by 18.5% in the 2nd quarter. Marathon Capital Management now owns 12,162 shares of the oil and gas company’s stock valued at $1,137,000 after purchasing an additional 1,895 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Phillips 66 in the 2nd quarter valued at approximately $975,000. First Merchants Corp raised its stake in shares of Phillips 66 by 13.5% in the 2nd quarter. First Merchants Corp now owns 17,797 shares of the oil and gas company’s stock valued at $1,665,000 after acquiring an additional 2,117 shares during the period. Hartford Investment Management Co. raised its stake in shares of Phillips 66 by 0.7% in the 2nd quarter. Hartford Investment Management Co. now owns 66,877 shares of the oil and gas company’s stock valued at $6,256,000 after acquiring an additional 468 shares during the period. Finally, Family Legacy Inc. raised its stake in shares of Phillips 66 by 2.5% in the 2nd quarter. Family Legacy Inc. now owns 19,657 shares of the oil and gas company’s stock valued at $1,839,000 after acquiring an additional 477 shares during the period. 70.37% of the stock is owned by institutional investors.

PSX has been the topic of a number of research analyst reports. Raymond James boosted their price target on shares of Phillips 66 from $110.00 to $117.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Cowen upped their target price on shares of Phillips 66 from $112.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Bank of America raised shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 target price on the stock in a research note on Monday, April 29th. They noted that the move was a valuation call. ValuEngine downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley dropped their price objective on shares of Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Friday, May 17th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $117.64.

NYSE:PSX traded up $0.72 during mid-day trading on Wednesday, hitting $99.40. 55,222 shares of the company’s stock traded hands, compared to its average volume of 2,299,839. Phillips 66 has a 1 year low of $78.44 and a 1 year high of $121.54. The company has a market cap of $44.33 billion, a PE ratio of 8.47, a price-to-earnings-growth ratio of 1.94 and a beta of 1.10. The firm’s 50 day simple moving average is $99.79 and its 200 day simple moving average is $94.17. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.82 and a current ratio of 1.28.

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, topping the Thomson Reuters’ consensus estimate of $2.70 by $0.32. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. The company had revenue of $28.52 billion for the quarter, compared to analysts’ expectations of $29.89 billion. During the same period last year, the company earned $2.80 EPS. On average, research analysts expect that Phillips 66 will post 7.83 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be given a $0.90 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $3.60 annualized dividend and a dividend yield of 3.62%. Phillips 66’s dividend payout ratio is presently 30.74%.

In related news, Director John E. Lowe bought 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average cost of $82.91 per share, with a total value of $165,820.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.13% of the stock is currently owned by company insiders.

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.

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Institutional Ownership by Quarter for Phillips 66 (NYSE:PSX)

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