Coastline Trust Co lowered its position in Phillips 66 (NYSE:PSX) by 14.6% in the third quarter, Holdings Channel.com reports. The fund owned 13,663 shares of the oil and gas company’s stock after selling 2,336 shares during the period. Coastline Trust Co’s holdings in Phillips 66 were worth $1,399,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in PSX. Advisors Preferred LLC bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $25,000. TRUE Private Wealth Advisors bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $26,000. Atwater Malick LLC bought a new position in shares of Phillips 66 during the 3rd quarter worth approximately $27,000. Manchester Financial Inc. bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $32,000. Finally, Coastal Capital Group Inc. bought a new position in shares of Phillips 66 during the 2nd quarter worth approximately $37,000. Institutional investors own 68.74% of the company’s stock.
PSX has been the subject of several analyst reports. Raymond James raised their target price on Phillips 66 from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Cowen raised their target price on Phillips 66 from $112.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Macquarie initiated coverage on Phillips 66 in a research report on Thursday, September 5th. They set an “outperform” rating for the company. Evercore ISI initiated coverage on Phillips 66 in a research report on Wednesday, October 2nd. They set an “outperform” rating for the company. Finally, ValuEngine upgraded Phillips 66 from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $113.80.
In other news, EVP Robert A. Herman sold 47,433 shares of Phillips 66 stock in a transaction on Monday, September 16th. The stock was sold at an average price of $103.17, for a total value of $4,893,662.61. 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 currently owned by company insiders.
PSX stock opened at $107.20 on Monday. The business has a fifty day moving average price of $102.59 and a 200 day moving average price of $95.76. Phillips 66 has a fifty-two week low of $78.44 and a fifty-two week high of $108.20. The stock has a market capitalization of $48.09 billion, a price-to-earnings ratio of 9.15, a P/E/G ratio of 2.13 and a beta of 1.07. 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 for the quarter, beating the Zacks’ consensus estimate of $2.70 by $0.32. Phillips 66 had a return on equity of 19.75% and a net margin of 4.76%. The firm had revenue of $28.52 billion during the quarter, compared to analysts’ expectations of $29.89 billion. During the same period last year, the firm posted $2.80 EPS. On average, equities analysts expect that Phillips 66 will post 7.75 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 18th will be paid a $0.90 dividend. The ex-dividend date is Friday, November 15th. This represents a $3.60 annualized dividend and a dividend yield of 3.36%. Phillips 66’s dividend payout ratio (DPR) is currently 30.74%.
Phillips 66 Company 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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