Private Ocean LLC boosted its holdings in Phillips 66 (NYSE:PSX) by 19.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,342 shares of the oil and gas company’s stock after purchasing an additional 219 shares during the quarter. Private Ocean LLC’s holdings in Phillips 66 were worth $138,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in PSX. Advisors Preferred LLC acquired a new position in shares of Phillips 66 during the 2nd quarter worth $25,000. TRUE Private Wealth Advisors purchased a new stake in shares of Phillips 66 in the 2nd quarter worth about $26,000. Atwater Malick LLC purchased a new stake in shares of Phillips 66 in the 3rd quarter worth about $27,000. Manchester Financial Inc. purchased a new stake in shares of Phillips 66 in the 2nd quarter worth about $32,000. Finally, Coastal Capital Group Inc. purchased a new stake in shares of Phillips 66 in the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 69.33% of the company’s stock.
PSX has been the topic of several recent research reports. Wells Fargo & Co boosted their price objective on shares of Phillips 66 from $130.00 to $132.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their price objective on shares of Phillips 66 from $126.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 10th. Raymond James boosted their price objective on shares of Phillips 66 from $117.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. ValuEngine lowered shares of Phillips 66 from a “hold” rating to a “sell” rating in a research report on Friday, October 25th. Finally, Evercore ISI initiated coverage on shares of Phillips 66 in a research report on Wednesday, October 2nd. They issued an “outperform” rating on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and twelve have issued a buy rating to the stock. Phillips 66 presently has a consensus rating of “Buy” and a consensus target price of $118.80.
Phillips 66 (NYSE:PSX) last released its earnings results on Friday, October 25th. The oil and gas company reported $3.11 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.60 by $0.51. The company had revenue of $27.77 billion for the quarter, compared to analyst estimates of $28.31 billion. Phillips 66 had a net margin of 4.17% and a return on equity of 19.31%. During the same period in the prior year, the firm earned $3.10 EPS. As a group, research analysts forecast that Phillips 66 will post 8.65 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Monday, November 18th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $3.60 dividend on an annualized basis and a yield of 3.01%. Phillips 66’s dividend payout ratio (DPR) is 30.74%.
In other Phillips 66 news, EVP Robert A. Herman sold 47,433 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $103.17, for a total value of $4,893,662.61. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.13% of the stock is currently owned by corporate 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.
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