First Allied Advisory Services Inc. lowered its position in shares of Phillips 66 (NYSE:PSX) by 11.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,018 shares of the oil and gas company’s stock after selling 1,510 shares during the period. First Allied Advisory Services Inc.’s holdings in Phillips 66 were worth $992,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in PSX. BlackRock Inc. increased its stake in shares of Phillips 66 by 2,329.3% during the first quarter. BlackRock Inc. now owns 27,821,897 shares of the oil and gas company’s stock valued at $2,204,052,000 after buying an additional 26,676,647 shares during the period. OppenheimerFunds Inc. increased its stake in shares of Phillips 66 by 599.8% during the first quarter. OppenheimerFunds Inc. now owns 4,600,748 shares of the oil and gas company’s stock valued at $364,472,000 after buying an additional 3,943,299 shares during the period. FMR LLC increased its stake in shares of Phillips 66 by 37.1% during the second quarter. FMR LLC now owns 7,520,743 shares of the oil and gas company’s stock valued at $621,890,000 after buying an additional 2,036,258 shares during the period. Clearbridge Investments LLC increased its stake in shares of Phillips 66 by 4,771.9% during the first quarter. Clearbridge Investments LLC now owns 1,426,192 shares of the oil and gas company’s stock valued at $112,983,000 after buying an additional 1,396,918 shares during the period. Finally, New England Asset Management Inc. purchased a new position in shares of Phillips 66 during the first quarter valued at $104,095,000. Hedge funds and other institutional investors own 69.54% of the company’s stock.
Shares of Phillips 66 (NYSE PSX) opened at 90.80 on Friday. The firm has a market cap of $46.45 billion, a P/E ratio of 27.17 and a beta of 1.19. The firm has a 50-day moving average price of $89.76 and a 200 day moving average price of $82.80. Phillips 66 has a one year low of $75.14 and a one year high of $95.00.
Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Tuesday, August 1st. The oil and gas company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.07. Phillips 66 had a return on equity of 6.29% and a net margin of 1.87%. The business had revenue of $24.58 billion for the quarter, compared to the consensus estimate of $25.14 billion. During the same quarter in the prior year, the business posted $0.94 EPS. On average, analysts forecast that Phillips 66 will post $4.39 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Tuesday, October 17th will be paid a dividend of $0.70 per share. The ex-dividend date is Thursday, November 16th. This represents a $2.80 dividend on an annualized basis and a yield of 3.08%. Phillips 66’s dividend payout ratio is presently 83.58%.
Phillips 66 declared that its board has initiated a share repurchase program on Monday, October 9th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the oil and gas company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
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In related news, VP Chukwuemeka A. Oyolu sold 1,151 shares of the firm’s stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $89.08, for a total transaction of $102,531.08. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.50% of the company’s stock.
Several equities analysts have recently commented on PSX shares. TheStreet upgraded Phillips 66 from a “c” rating to a “b-” rating in a research note on Friday, June 30th. Piper Jaffray Companies restated a “buy” rating and set a $98.00 price target on shares of Phillips 66 in a research note on Tuesday, September 26th. Goldman Sachs Group, Inc. (The) upgraded Phillips 66 from a “neutral” rating to a “buy” rating and raised their price target for the company from $88.00 to $109.00 in a research note on Tuesday, October 3rd. Zacks Investment Research upgraded Phillips 66 from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Tuesday, October 10th. Finally, Argus restated a “buy” rating and set a $108.00 price target (up previously from $96.00) on shares of Phillips 66 in a research note on Thursday, October 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $93.22.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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