Parsons Capital Management Inc. RI lessened its stake in shares of Phillips 66 (NYSE:PSX) by 1.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 35,748 shares of the oil and gas company’s stock after selling 400 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Phillips 66 were worth $3,344,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of PSX. TRUE Private Wealth Advisors bought a new stake in shares of Phillips 66 during the second quarter worth $26,000. Harvest Group Wealth Management LLC bought a new stake in shares of Phillips 66 during the first quarter worth $31,000. Manchester Financial Inc. bought a new stake in shares of Phillips 66 during the second quarter worth $32,000. Coastal Capital Group Inc. bought a new stake in shares of Phillips 66 during the second quarter worth $37,000. Finally, TCG Advisors LP bought a new stake in shares of Phillips 66 during the first quarter worth $38,000. 71.31% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have weighed in on the stock. Raymond James boosted their target price on shares of Phillips 66 from $110.00 to $117.00 and gave the stock an “outperform” rating in a research note on Monday, July 29th. Morgan Stanley cut their price target on shares of Phillips 66 from $115.00 to $105.00 and set an “equal weight” rating on the stock in a report on Friday, May 17th. Cowen lifted their price target on shares of Phillips 66 from $112.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Citigroup upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating in a report on Friday, June 21st. Finally, Bank of America upgraded shares of Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price target on the stock in a report on Monday, April 29th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $117.64.
Phillips 66 (NYSE:PSX) last issued its quarterly 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. The company had revenue of $28.52 billion for the quarter, compared to analyst estimates of $29.89 billion. Phillips 66 had a net margin of 4.76% and a return on equity of 19.75%. During the same quarter in the previous year, the business earned $2.80 earnings per share. Sell-side analysts anticipate that Phillips 66 will post 7.79 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Tuesday, August 20th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Monday, August 19th. This represents a $3.60 annualized dividend and a yield of 3.71%. Phillips 66’s payout ratio is 30.74%.
In other news, Director John E. Lowe bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 28th. The shares were acquired at an average price of $82.91 per share, for a total transaction of $165,820.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.13% of the stock is owned by insiders.
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.
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.